A number of top dividend stocks are once again being favoured by certain investors, as interest rates decline and bond proxies look more attractive. Accordingly, when investors dive into those sectors outperforming the market, many may be surprised to learn that companies in slower-growth sectors are actually seeing some of the biggest returns (at least this year), with more potential upside if market conditions sour further.

The following three Canadian dividend stocks are ones I think long-term investors may want to consider right now. These companies have the ability to outperform the market over the near to medium term and remain top picks of mine in this current environment.

Fortis

Fortis (TSX:FTS) is one of the most actively sought blue-chip stocks in the market for a number of reasons. The company's diversified portfolio of regulated utility assets across North America has continued to bring in stable cash flows over the long term, which it has continued to return to shareholders in the form of dividends over time.

In fact, Fortis is now among the dividend kings having increased its distribution for more than 50 consecutive years, making this a top dividend growth stock investors continue to seek for this aspect of its dividend policy alone. With a 4.2% dividend yield and capital growth plan that should align future cash flows with a 6%-plus annual dividend increase over time, this is a top company I think makes sense to lock in right now, given where interest rates are likely headed moving forward.

Canadian Apartment Properties REIT

Canadian Apartment Properties REIT (TSX:CAR.UN) is among the top stable investment options for many long-term investors. The company's status as one of the most trusted real estate investment trusts in the market is tied to the core focus of this REIT, which is residential real estate.

Canadian Apartment REIT has recently sold off most of its non-core assets. As new residential projects are completed, the stock has the potential to grow at an above-average pace in this new lower-rate world.

My view is that long-term dividend investors looking to benefit from the power of rental income over the long term ought to consider this REIT as one of the safest ways to create diversification in this sector over time.

Royal Bank of Canada

Royal Bank of Canada (TSX:RY) is one of the largest Canadian banks and remains a top global bank with systemically important status in the market. This allows Royal Bank to operate with what many believe is a central bank 'put' – like the financial instrument, the central bank prevents excessive declines in financial markets, in its case, through monetary policy actions. That means that no matter how bad things get in the economy, this is one bank that simply can't go down, at least below a certain level.

Indeed, despite growing concerns around recession risks picking up in Canada and around the world, Royal Bank's stock price has been on the ascent of late. I think much of this has to do with the safety factor at play with this bank in particular.

As interest rates normalize, Royal Bank stands to benefit from a more stable monetary policy stance. The bank could continue to provide strong capital appreciation upside in addition to its reasonable dividend yield over time.