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Although there is only one golf course inside Banff National Park, there are several within convenient driving distance. All the prices listed are for peak times of year and prime times (weekends, afternoons). You may be able to get cheaper rates in the shoulder seasons and/or if you're willing to play later in afternoon or twilight. If you don't normally play at a higher elevation, you may find your shots going a little further than you're used to and may have to club down.
Banff Springs Golf Course: Located next to the Banff Springs Hotel, $225 (2012). Golf club rentals available. This 18-hole course was originally designed by Stanley Thompson in 1928; in 1989, the 9-hole Tunnel Mountain loop was added inside the original 18, and this created a change in the original order of holes. Some people may feel this took away some of the charm of the course, although if you never played the course "in the old days" you won't realize anything has changed. The fourth hole is the famous "Devil's Cauldron".TripAdvisor reviews.
Canmore Golf and Curling Club: Basically a municipal type of course right in the town. $80 plus power cart (2012) - reduction for Alberta residents with ID. Golf club rentals available. On the valley floor so minimal elevation change. The actual layout is quite interesting and pretty well maintained. Fairly easy course to walk. A pretty good value. Not as fancy as some of the others but you're still surrounded by mountains. TripAdvisor reviews.
Stewart Creek Golf & Country Club: Just outside Canmore. $175-$195 depending on day of the week (2012), includes power cart. Golf club rentals available. Designed by Gary Browning, this golf course opened in 2000. It has some elevation change but not as extreme as Silvertip. Construction of the planned nearby Three Sisters Resort Course (18 holes) has been stalled for several years (as of March 2012). TripAdvisor reviews.
Brewster's Kananaskis Ranch Golf Resort: About a 20 minute drive east of Canmore via Hwy 1 (Trans-Canada Hwy), $52 - $59 + power cart (2012). Golf club rentals available. 18 holes.
Kananaskis Country Golf Course: About a 40 minute drive from Canmore via Hwy 40 (Kananaskis Trail), $98 + power cart (2012) - reduction for Alberta residents with ID. Golf club rentals available. Two separate 18 hole layouts. You could walk them if you're a real fitness buff but it's not recommended. Beautiful scenery, great layouts, may be one of the best values in all of golf. They book up real fast, before the golf season even begins; once the golf course opens, there is probably nothing left unless you settle for mid-afternoon/twilight. You could always hope someone has cancelled. TripAdvisor reviews.