I find people go five year fixed due to some sense of "security," problem is if rates exploded you are 100% screwed. What are you going to do at the 5-year mark when you have to refinance at 10%?
You are obviously too young to have had a mortgage in the 80's and early 90's. Our first mortgage in 1989 was 12% and the following year it went up to 14%. We were first time buyers and had enough of a downpayment so as to not need CMHC. We took a 5 year term and paid a fortune in interest differential when we sold 2 1/2 years in but we re-signed at 8% which everyone was saying was a gift and lock it in....this is after 20 years of above 10% rates with them spiking at 21%. Nobody knew where rates were going and everyone was locking in...banks made a fortune on interest differential penalties. It wasnt until 1998/99 that the trend remained below 10% for 8 or so years that folks started playing variable in a bigger way
In todays market I would probably look at locking in my primary residence and stay variable for another year or so in my rental units. Fortunately I cleared my mortgage 8 years ago so its not a problem.