Banff is such a great trip. I'm a little envious of you.
LodgingI can't say enough about the Banff Springs. I've had two stays there and, while I haven't stayed anywhere else in Banff, I can't imagine going to Banff and not staying there. I do understand it's pricey and staying in a budget is a reality to live with. It's just that if I couldn't stay there I'd maybe stay around Lake Louise or Canmore and to get some distance from the town of Banff, which is very touristy and busy.
If the Banff Springs is in your budget, I would consider the gold floor. Normally I don't think these lounge floors are worth it but at this specific hotel the additional service is unbelievable for scheduling activities. Also, if you plan for breakfast and lunch/snack in the lounge, it does help justify the cost a bit. I don't know that I can think of anyone who has stayed there that regrets it, though it's mainly been family and friends of family that have.
Otherwise, I'd look at a CRMR property. They have one called Deer lodge in Lake Louise and called Buffalo Mountain Lodge in Banff proper. While I have not stayed in either of those, I stayed at the their Emerald Lake property and had a great time.
FoodFood in Banff is very Canadian. And by that I mean Caucasian and not offensive. It's not bad, per se, it's just also not something you'll get excited about. And the Banff Springs, my favorite was Waldhaus. And in town I guess I went to Coyotes more than once. For food, I'd recommend Canmore more than Banff. Crazyweed is great, my wife still talks about it. I'd recommend Rocky Mountain Flatbread as well. And I enjoyed a burger at Tavern 1883 on the cheaper side.
What to DoI'm sure you don't need too many suggestions here. I'll just through in that Mount Norquay lookout above town was my go-to for wildlife sightings.
Mount Norquay LookoutAlso, look into the teahouses. Lake Agnes should be open and maybe the Plain of Six Glaciers. If you have a choice, do the Plain of Six Glaciers. Note of warning, the last stretch is above the tree line and without much shade until you get to the teahouse. It gets hot in the July sun. Leave early. Like sunrise early. If you want to attempt both in the same day, go up to the Plain first.
TEA HOUSE HIKES