The Royal Bank has been doing very well in recent years. In addition to capital appreciation, it is currently paying a 3.1 % dividend rate. I think one needs to consider both the potential for dividends and the stock price appreciation. The chart says it all.
I have also recently discovered that one can purchase mutual funds that include only stocks that pay dividends.
One fund I took a quick look at today was the TD Dividend Growth - I. It pays a 3.4% dividend and contains 63 stocks. The majority of the fund seems to be in the Canadian Banking sector. The top holdings include; the Royal Bank, the Toronto Dominion Bank, CIBC Bank, and the Bank of Nova Scotia. It is a no load fund, RRSP eligible, has minimum purchase amounts of $100 initial and $100 additional. The MER seems reasonable at 1.97%.
If I decided to move toward owning dividend paying stocks I think I would prefer the mutual fund approach rather than buying individual stocks. I like the lower risk with diversification and the lower initial investment amounts. For example, to buy Royal Bank shares at $58 per share one would need a lot more than $100 to get started.