Here are my 2 reasons to always choose a variable rate mortgage. Now if you are buying a property and need a fixed mortgage to qualify than that it a different matter. You should speak to your mortgage broker about the pros and cons.
Number 1 - Banks have some smart people working for them and they set those rates based on interest rate projections and they set them to profit from your fear that rates will go up. They do not set those rates to help you out. If you have a fixed rate mortgage, then you are paying the bank thousands more than you need to over the course of your mortgage.
Number 2 - Nobody expects to break a mortgage sooner than expected but when you do, if you have a fixed rate mortgage, you will pay more than if you have a variable rate mortgage. Variable rate mortgage typically charges 3 months interest but a fixed rate mortgage charges you an 'interest rate differential' which can be HUGE.
In summary, be the smart consumer. When you are purchasing a home don't leave things to chance. Use an experienced realtor to help you navigate your next real estate transaction.