According to CMHC statistics, the average mortgage in Canada only lasts 38 months, with only 29% of all 5 year terms making it to the full 5 year mark. Due to property appreciation, the need for additional funds, life changes, moves, etc, a 3 or 4 year term just seems to be a better fit for most Canadians.
By taking a 3 or 4 year term, you get a better rate than on the 5 year, and could very well save interest penalty charges by not having to refinance part way through a 5 year term.
Your interest rate will be better than on the 5 year term. Example three years today at 3.5% or four years at 3.79%. Whereas the five year rate is 3.89%
(Note : rates change constantly, but the prinicple should be valid almost all the time)
The industry advertises and competes on the 5 year term, and people always shop and research 5 year rates, but in light of the reality we see above, you should consider a slightly shorter term.
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