"Certainly, interest rates have been on the rise, and from what we can see and hear from the Bank of Canada, their prime concern is the ongoing increasing inflation rates in Canada, and they're hearing that, really around the world," shares Jim Rediger, President and CEO of Westoba Credit Union.

"The prime method of dealing with that is raising interest rates so I think we can expect rates to continue to rise," he adds.

"I think everybody is expecting the Bank of Canada rates to rise probably another 75 basis points here in July and that's probably going to continue until the Bank of Canada begins to see inflation begin to top out and to reduce down to that 1%-3% target that they set for the country."

"On the deposit side, I think investors and savers can look forward to probably increasing rates over the next few months, where as on the loans side, I think people have to be attentive to their debts. Particularly if you have mortgages coming up for renewal you should be aware that you'll likely be faced with a higher mortgage payment at renewal time."

Rediger suggests Canadians speak to their banking institutions to seek advice on how to better manage the increase in interest rates on current loans.  He says this is not a 'one-size-fits-all' type of situation.

"I would strongly encourage everybody to come in and speak to their financial advisors, as everybody's financial situation is unique, and to develop a plan on how you're going to deal with the increasing rate environment," he notes.  "I think that's really the most important thing people can do right now. Don't wait until your mortgage renews.  Even if its still a year away, come in now and start looking at what that might look like and how you can plan for it."

Over the past number of years Manitobans have taken the 5-year fixed interest rate on loans, and interest rates have been fairly flat or even decreasing.  "And so if you've recently taken out a mortgage and you've recently renewed, then obviously your rate and payments are fixed for those next 3, 4 or 5 years.  That's fairly common in Manitoba, but it will be interesting to see what the market reaction is with an increased rate environment."

For new homeowners looking at financing a mortgage, Rediger says that picture may look different as to what is attainable with the increase in interest rates.

"What changes, I think for people, is how much you can afford.  So, maybe a year ago you could afford a home that might be worth $400,000, but today with rates rising that $400,000 may not be attainable and you might have to think about $350,000 or $300,000.  So, I think that's really where a lot of the discussion needs to be in terms of what you can afford. That's the number that will probably change for a number of people."