A Fixed vs Variable decision should be made based on your risk tolerance and goal timeline with the property. Historically, Variable has been the better option in terms of providing a lower rate, BUT there’s no way to predict the future and direction of rates.
Calculate the payment on a 5-year Fixed rate and see if you are comfortable with this in terms of cash-flow. If your numbers work AND you need the peace of mind of a consistent payment/rate (to sleep better at night), then this is the ONLY option you should consider. At the end of the day this is an investment, and you should mitigate your risks and build in these costs to ensure success. Trying to save a few hundred dollars here and there guessing the direction of rates is just not worth it.
Alternatively, if you are comfortable with POSSIBLE rate fluctuations on the Variable side and prefer the flexibility that Variable provides, then this would be the way to go.
Again, we can’t predict the rates but what you can do is setup a proper financing solution that you are comfortable with within your risk tolerance that allows you to sleep at night.
Hope this helps.