I would be cautious about locking in to a fixed rate too quickly. A couple of years ago it looked like we really were on the brink of a rise, and we locked in and I have always regretted it. We went from paying 2.65% (I think?) to 3.35%, and then rates went down! I managed to roll them back a little, and settled in at 3.13, but we still paid way more interest than we could have over the next couple of years. Remember, too, that when you lock in, you are signing a contract for a new term. So if you're on a 3-yr variable now, and have a year left, if you lock in, you're signing a new 3-5 year contract that you can't renegotiate without penalty. When I renegotiated to bring my rate down again, I had to lock in to a new term AGAIN, which meant more penalties when we ended up selling a few years later. You lose a lot of flexibility in a fixed-rate mortgage, not just the better rate.
I don't know about at your bank, but at mine variable rates are also at 2.05%, but fixed rates are at about 3% and higher. The rate rise from the central bank will likely be .25%, if they go through with it. Then we have to wait and see how the banks decide to pass that along. But at most, the variable rate should only rise that same .25 points, and you would still come out ahead. I think you have to do the math.
Then I think you have to consider that even if they do go ahead with this rise, that doesn't mean that we're in for more raises in the rates again any time soon. Everyone will wait and see how the economy--and particularly the bubbly real estate markets--react, and then we're all waiting to see what happens with softwood lumber, pipelines, the new government in BC, and the NAFTA renegotiations all go. And that's not counting anything else going on in the wider world, or the natural disaster season coming up (forest fires, etc). I think it could be a while before we see another hike.
Until we see consistent signals that the CB is feeling the stability both at home and globally, it's unlikely that rates will go up dramatically any time soon. And every month you are paying that variable rate, you are saving money. You can lock in at any time; so there's no pressure to do it right now. Remember that the research is pretty clear that people who use variable rate mortgages generally pay considerably less interest over the life of their mortgage than those on fixed rates, so history is in your favour.
My two cents! :)