Homeowners who currently hold variable rate mortgages are advised to keep a close watch on rates, which are very likely to go up this year.  Bank of Canada's scheduled rate annountments for 2010 are:

January 19th
March 2nd
April 20th
June 1st
July 20th
September 8th
October 19th
December 7th

You will need to assess your personal situation, and weigh the pros and cons of locking in now versus taking a wait and see approach.  The best 5 year fixed rate I have seen is 3.89%.  That is only 1.64% above the current prime lending rate of 2.25%.  Taking a wait and see approach is likely to result in the 5 year fixed rate going higher than it is now, so it may be beneficial to lock down at a historic low rate now.