Renovated two floors of our Toronto semi simultaneously: installed LVP on the basement and main floor open plan area, and kept (and refinished) existing hardwood in the bedrooms. Now 2 years in, here is my honest assessment of both.
The LVP We Used
Proximity Mills Titan HD, SPC core, 20-mil wear layer, 7-inch wide planks, Antique Sandstone colour. Supplied and installed by a local flooring company.
Cost: $5.20/sq ft materials, $3.00/sq ft install = $8.20/sq ft total
Area installed: 580 sq ft (main floor + stairs)
Total: $4,756
The Hardwood We Refinished
Original 3/4-inch strip oak (installed circa 1962), refinished with Bona Traffic HD water-based finish.
Cost: $4.50/sq ft = $1,485 for 330 sq ft in 3 bedrooms.
2-Year Comparison
Durability
LVP: zero scratches visible. The 20-mil wear layer is genuinely tough - we have a large dog and three kids.
Hardwood: some surface scratches visible in high-traffic areas. Expected with water-based finish.
Appearance
Hardwood: clearly more premium, richer look, real depth.
LVP: convincing but obviously not real wood up close in high light. Wide plank and longer length help.
Maintenance
Both: vacuum and damp mop. LVP slightly easier - no need to worry about water near dishwasher or under pet bowls.
My Verdict
LVP is objectively better value for a rental or high-traffic application. For a forever-home main floor where appearance matters, I would pay the premium for hardwood. For a basement: LVP every time, no contest.