The Financial institution of Canada has reduce its benchmark rates of interest 4 instances since June. Amid falling rates of interest, traders ought to look to put money into monthly-paying dividend shares to earn a steady passive revenue. In the meantime, the next three Canadian shares pay month-to-month dividends at increased yields, thus making them wonderful buys.

NorthWest Healthcare Properties REIT

NorthWest Healthcare Properties REIT (TSX:NWH.UN) owns and manages 186 healthcare properties throughout seven international locations. It has signed long-term lease contracts with government-backed tenants, thus having fun with wholesome occupancy and assortment charges. Its weighted common lease expiry (WALE) stands at 13.4 years. Round 85% of its lease is inflation-indexed, thus shielding its financials in opposition to rising costs.

Furthermore, NWH continues to strengthen its monetary place by way of its non-core belongings gross sales program. This yr, the corporate has disposed of fifty properties throughout North America, Australia, Europe, and the UK, thus producing $1.3 billion in web gross sales. The corporate has utilized these money flows to decrease its leverage. It has additionally put 19 different properties price $122.8 million on the market, which it expects to eliminate in 12 months.

Furthermore, NWH is creating next-generation properties that may ship long-term earnings progress. Given its bettering monetary place and wholesome progress prospects, I consider its future dividend payouts might be safer. In the meantime, the corporate affords a juicy ahead dividend yield of seven.36%, thus making it a wonderful purchase for income-seeking traders.

Whitecap Assets

Second on my record is Whitecap Assets (TSX:WCP), which reported a powerful third-quarter efficiency final month. Its whole common manufacturing for the third quarter elevated by 10.4% to 173,302 barrels of oil equal per day (boe/d). Nonetheless, its income and fund flows declined in comparison with the earlier yr’s quarter resulting from decrease common realized costs. Amid stable operational efficiency, the corporate has raised its 2024 manufacturing steering. The brand new steering represents a ten.2% enhance from 2023.

Furthermore, WCP has deliberate to make a capital funding of $1.1-$1.2 billion in 2025, strengthening its manufacturing capabilities. These investments might assist its manufacturing progress, with the administration projecting its 2025 common manufacturing to be between 176,000 boe/d and 180,000 boe/d. The midpoint of the steering represents a 3.2% year-over-year progress. Amid its stable working efficiency, the administration hopes to generate $1.6-$1.7 billion of funds movement subsequent yr with WTI (West Texas Intermediate) crude at US$70/barrel and AECO pure fuel costs at $2.50/GJ (gigajoules). Contemplating its wholesome money flows, I consider WCP might proceed rewarding its shareholders with wholesome dividends. With a month-to-month dividend of $0.0608/share, it at the moment affords a ahead dividend yield of 6.99%.

Extendicare

Extendicare (TSX:EXE) is my closing choose. The corporate reported a wonderful third-quarter efficiency final week, with its topline rising by 11.3%. Elevated LTC (long-term-care) funding, quantity progress and price will increase in LTC and residential well being care, and progress in managed companies drove its income. Supported by its topline progress and decrease administrative bills, its adjusted EBITDA grew 42.4% to $36.1 million. Additionally, its AFFO (adjusted fund flows from operations) elevated to $23.1 million from $12.3 million within the earlier yr’s quarters.

Additional, Extendicare is developing a 256-bed LTC dwelling in St. Catharines, Ontario, to interchange its 152-bed Class C dwelling. The corporate expects to open the ability within the first quarter of 2027. It’s also planning to start the development of two further houses this quarter. Contemplating its wholesome financials and progress prospects, I consider Extendicare would proceed rewarding its shareholders with wholesome dividends. It now pays a month-to-month dividend of $0.04/share, translating right into a ahead dividend yield of 4.69%.