The Bank of Canada has cut its benchmark interest rates four times since June. Amid falling interest rates, investors should look to invest in monthly-paying dividend stocks to earn a stable passive income. Meanwhile, the following three Canadian stocks pay monthly dividends at higher yields, thus making them excellent buys.

NorthWest Healthcare Properties REIT

NorthWest Healthcare Properties REIT (TSX:NWH.UN) owns and manages 186 healthcare properties across seven countries. It has signed long-term lease contracts with government-backed tenants, thus enjoying healthy occupancy and collection rates. Its weighted average lease expiry (WALE) stands at 13.4 years. Around 85% of its rent is inflation-indexed, thus shielding its financials against rising prices.

Moreover, NWH continues to strengthen its financial position through its non-core assets sales program. This year, the company has disposed of 50 properties across North America, Australia, Europe, and the United Kingdom, thus generating $1.3 billion in net sales. The company has utilized these cash flows to lower its leverage. It has also put 19 other properties worth $122.8 million for sale, which it expects to dispose of in 12 months.

Moreover, NWH is developing next-generation properties that can deliver long-term earnings growth. Given its improving financial position and healthy growth prospects, I believe its future dividend payouts will be safer. Meanwhile, the company offers a juicy forward dividend yield of 7.36%, thus making it an excellent buy for income-seeking investors.

Whitecap Resources

Second on my list is Whitecap Resources (TSX:WCP), which reported an impressive third-quarter performance last month. Its total average production for the third quarter increased by 10.4% to 173,302 barrels of oil equivalent per day (boe/d). However, its revenue and fund flows declined compared to the previous year's quarter due to lower average realized prices. Amid solid operational performance, the company has raised its 2024 production guidance. The new guidance represents a 10.2% increase from 2023.

Moreover, WCP has planned to make a capital investment of $1.1-$1.2 billion in 2025, strengthening its production capabilities. These investments could support its production growth, with the management projecting its 2025 average production to be between 176,000 boe/d and 180,000 boe/d. The midpoint of the guidance represents a 3.2% year-over-year growth. Amid its solid operating performance, the management hopes to generate $1.6-$1.7 billion of funds flow next year with WTI (West Texas Intermediate) crude at US$70/barrel and AECO natural gas prices at $2.50/GJ (gigajoules). Considering its healthy cash flows, I believe WCP could continue rewarding its shareholders with healthy dividends. With a monthly dividend of $0.0608/share, it currently offers a forward dividend yield of 6.99%.

Extendicare

Extendicare (TSX:EXE) is my final pick. The company reported an excellent third-quarter performance last week, with its topline growing by 11.3%. Increased LTC (long-term-care) funding, volume growth and rate increases in LTC and home health care, and growth in managed services drove its revenue. Supported by its topline growth and lower administrative expenses, its adjusted EBITDA grew 42.4% to $36.1 million. Also, its AFFO (adjusted fund flows from operations) increased to $23.1 million from $12.3 million in the previous year's quarters.

Further, Extendicare is constructing a 256-bed LTC home in St. Catharines, Ontario, to replace its 152-bed Class C home. The company expects to open the facility in the first quarter of 2027. It is also planning to begin the construction of two additional homes this quarter. Considering its healthy financials and growth prospects, I believe Extendicare would continue rewarding its shareholders with healthy dividends. It now pays a monthly dividend of $0.04/share, translating into a forward dividend yield of 4.69%.