Homeowners who renewed in 2023 pulled back on spending: TD report

Some mortgage holders have begun to pare down their spending amid higher borrowing costs, according to a new report from TD, particularly those who renewed their mortgages more recently.

“Mortgage holders have started to adjust their spending in the face of higher interest rates,” Orlando wrote in the Thursday report. 

“We find that people who have reset more recently have pulled back their spending to a greater degree than people with earlier resets.”

The report categorized mortgage holders based on the year of their renewal.