Nothing worthwhile is cheap in Banff. That's not to say that you can't find satisfactory lodging and food that is inexpensive. When we discovered how cramped our standard queen room was (our stay was eight nights), the staff at Delta helped us upgrade by figuring the best rate package that would minimize additional cost. It made a big difference in the quality of our stay as we were there when so many roads, trails and attractions were closed due to record flooding. The staff was extremely friendly and down to earth - whether the restaurant, front desk, concierge or housekeeping. Best we've experienced. The front desk was always checking up on us during the emergency weather situation. The Evergreen restaurant (casual fine dining) was nice to have on premise for breakfast and dinner when too tired to venture our or in a hurry. The decor throughout is four star - but relaxed. Standard one-bed queen rooms are very cramped (at least the one we originally had) so be aware. Our two queen bed room seemed more than double the size with more room to stretch out and two sinks in separated bathrooms to expedite washing up, bathing, etc. A real plus is the underground parking - a welcome convenience that cannot be emphasized enough. Yes, you do pay for this luxury.
Location is in short walking distance of several good restaurants - but several blocks from downtown. The latter is no problem on a nice day. Everyone is there for the outdoors and to hike, walk, etc. It's a very casual town that does appear swarming with "the beautiful crowd," but that does not mean it's an inexpensive place to visit.