Only "insane" people have variable mortgages?

Kevin O'Leary, co-host of CBC's Lang and O'Leary Exchange and the "greedy" dragon on Dragon's Den, turned heads earlier this month when he spoke out against variable rate mortgages.

"If you have a variable rate mortgage right now, you're out of your mind not to lock it in. You'd be insane not to lock it in," he said.

His controversial views on the subject come shortly after announcing his entrance into the mortgage market. While no one yet knows whether O'Leary's coming into the industry as a broker or a lender, it's no secret his anti-variable opinion comes with an ulterior motive.
If he was genuinely looking to educate mortgage holders on the variable-fixed debate, he'd acknowledge that one isn't better than the other. It purely depends on the individual's financial position and what they feel comfortable with - plain and simple.
If, for example, you can weather a slight increase in mortgage payments, you should definitely go for the variable rate. You're never going to see rates lower than this. If you can opt for a variable but set your payments as if you were paying the going fixed rate, you'd not only be protecting yourself from the shock of future increases, but you'd be banking a ton of extra money per month towards your principle.
On the other hand, O'Leary's point of view does make sense for individuals who are not as eager to take on risk. Sometimes a five-year fixed rate is the way to go if you want to set a budget and know exactly what to expect over the next five years. The thing is, sometimes a four-year fixed rate will work just fine too. Most people don't stay in their first home for more than five years, and the four-year terms occasionally come at a lower rate.
The point is that mortgages are not one-size-fits-all and, given O'Leary's prominent position in the media, he should know better than to say that they are.