What can be said, hardwood is what every other hard surface category is trying to be. Its gorgeous. It lasts. Its naturally (and often sustainably) sourced. It's benefits are infinite. It can be refinished; it lasts forever; its easy to care for; its warm; its customizable. At Allied, most of our hardwood suppliers have a big Canadian focus too.
Right now the technology is growing leaps and bounds: wider planks are now more possible thanks to improved engineering; colors are achieved in new ways like fuming and oiling. Oiled finishes make wood easier to keep it looking like new than ever before. Finishes are stronger than they have ever been. Armstrong offers two really cool options for nearly bullet proof finishes. The diamond ten finish is made with diamond dust in the wear layer and is very difficult to scratch. Armstrong also offers an acrylic impregnated wood that is resistant to gauging, indents and scratching. Its incredible. Its an exciting time of change for a category of flooring that has been stagnant for generations.
The downfalls to getting wood are the same as they have always been. You have to maintain humidity CONSTANTLY, it can permanently damage your wood if you don't. Its harder in prairie climates like ours that change so frequently, but most people get an HVAC mounted on their furnace, then its a no-brainer. Installation takes precision and expertise, so that is not cheap either. Most companies offer coordinating stair nosings and reducers (but you guessed it: also not cheap).
I would argue that in the right application, you DO save money by putting down a permanent option. You will never have to replace it and it can be refinished. The oiled options offer easy "refreshing". You can mop on a new oil layer, making it easy to look like new. There are entry level woods on the market that are priced lower than higher end laminates and LVPs, so wood can be an option for price oriented customers.
The average household in Canada changes their flooring every 5-7 years. You can get a timeless option one time or go through the hassle of change multiple times with sub-par looks.