2 Blue-Chip Stocks Every Canadian Should Own

When it comes to building long-term wealth, there’s no doubt that owning a handful of top-rated, high-quality stocks as the core pillar of your portfolio is one of the best and most reliable strategies you can pursue.

Blue-chip stocks are the companies that have stood the test of time, dominated their industries and continued to grow in any type of market environment.

Furthermore, these are companies with strong balance sheets, predictable cash flow and proven management teams that know how to adapt as conditions change. Over decades, these qualities tend to translate into steady and consistent earnings growth, which in turn delivers reliable dividends and significant returns, especially over the long term.

However, what really makes blue chip stocks attractive to Canadian investors is their ability to build quietly in the background, fueling the long-term growth of your portfolio.

Because these stocks tend to be so consistent, they often remain profitable and continue to grow even during periods of volatility, economic slowdown, or market sell-offs. That reliability gives investors the confidence to push through the noise, instead of panicking at the wrong time.

Of course, not all large or well-known companies are blue chip stocks. It is essential to find companies that combine scale and growth potential with sustainability.

So if you’re looking to strengthen your portfolio with top, high-quality Canadian stocks, here are two top picks every investor should consider.

One of the very best stocks in Canada

Whether you’re just starting your investing journey or nearing retirement, there’s no doubt that one of the best stocks Canadian investors can buy, blue chip or not, Dollarama (TSX:DOL).

The main reason why Dollarama is one of the best blue chip stocks for Canadian investors to buy is actually quite simple. This is due to the business model of a low-cost retailer.

Typically, most companies struggle when the economy weakens. When unemployment rises, incomes fall and consumers tighten their belts, demand generally slows. However, that’s exactly when Dollarama tends to see an increase in demand for its low-cost goods as more consumers look for ways to stretch their budgets.

More importantly, many of the habits consumers develop during tougher economic periods often stick around. While Dollarama often sees stronger demand and faster growth during recessions, this does not necessarily mean that growth will return once the economy begins to recover.

But while Dollarama’s business model is a major reason for its success, the company itself and its management team also deserve a lot of credit. Over the years, Dollarama has expanded its product offerings, opened hundreds of new locations and introduced new price points, all of which have continued to strengthen the brand and drive growth.

And with both its domestic and international operations expanding rapidly, Dollarama still has a long road of growth ahead of it.

So if you’re looking for top Canadian stocks to buy and hold forever, there’s no doubt that Dollarama is one of the best to own, especially when the stock falls off its highs.

One of the best blue chip stocks for Canadian investors to buy right now

While Dollarama is an incredible long-term growth stock that you can have in your portfolio with confidence, the only negative for the stock is that it offers a dividend yield of just 0.2%.

So if you’re looking for high-quality, high-quality stocks that pay a significant and consistently growing dividend, Enbridge (TSX:ENB) is the number one stock I would recommend to Canadians.

Enbridge is incredibly secure and defensive because of the vital role it plays in the North American economy as a $140 billion energy infrastructure company.

Not only does Enbridge transport approximately 30% of the crude oil produced and 20% of the natural gas consumed in the United States, but a significant portion of its revenues are covered by long-term contracts. This makes future income and profits very predictable.

That’s exactly why Enbridge is so reliable, especially as a dividend growth stock. For example, the company has already released its 2026 guidance and expects to generate distributable cash flow per share between $5.70 and $6.10.

Therefore, with a dividend currently yielding over 6% and paying out just $3.88 per share per year, it is clear that Enbridge’s dividend is not only sustainable, but the company still has plenty of cash left to continue investing in growth.

So if you’re looking for top Canadian stocks to buy and hold for years to come, Enbridge is easily one of the best dividend growth stocks to consider.