While many of the outlying areas in Banff focus on the high end of luxury, such as the Banff Springs' Castello Ristorante and Bow Valley Grill or the Rimrock's Eden and Primrose or the Banff Centre's Vistas, downtown Banff has many establishments that cater to the low budget crowd. That doesn't mean that the cheaper restaurants aren't good. But, whereas you'll pay $35-50 per person at the Banff Springs, you'll be able to pay $10 or less per person at many places downtown. You just won't get the same level of service and ambiance.
Many of the pubs on Banff Avenue are good places to find good food and a cheap price. The Banff Ave Brewing Co. is a great choice. It is Banff's only micro-brewery. Other good candidates are the Rose and Crown, the Elk and Oarsman, St. James Gate, and Paddocks. It should be possible to eat for about $10 and be full.
Chaya is a Japanese restaurant with a reputation for authenticity. There's nothing better than a hearty bowl of noodle soup after a hard day of hiking or skiing. Chaya serves it's soups for under $10, and it's plenty for one person to fill up on. Chaya is on Banff Avenue next to the McDonald's.
Barpa Bill's Souvlaki is a quick place to pick up some Greek food. This is not like Balkan or Athena (the two other Greek places in Banff), as it is not a sit down restaurant. But, it's relatively cheap and quite delicious. Also on Bear Street is the Wild Flour Bakery. This is a gluten-free, organic bakery that is a must go to when in Banff.
229 Bear Street
Potato pizza...
104 Banff Avenue
Banff's Oldest Restaurant...
537 Banff Avenue
Rundlestone Lodge
Ostrich Burgers & Caribou Steaks...
405 Spray Ave
In the Fairmont Banff Springs Hotel
Box 1020, Station 21
107 Tunnel Mountain Drive
Theatrical Delight...
201 Banff Avenue
Busy Banff coffeehouse...
304 Caribou Street
Great coffee in the mountains...
215 Banff Ave
(Sundance Mall)
Charming vegetarian eatery...
304A Caribou Street
Late night pizza shop...
225 Banff Avenue
Sushi & More...
304A Caribou Street
Midnight Munchies...
405 Spray Avenue
The Fairmount Banff Springs
Authentic Japanese Cuisine in Banff...
405 Spray Avenue
The Fairmount Banff Springs
Alpine Setting and Italian Cuisine...
405 Spray Avenue
Valley View
Deli and Gourmet to Go...