The cost of living in major resort towns like Banff are typically higher than average, due to the nature of the ebb and flow of tourist season. However Alberta boasts low provincial taxes and no provincial sales tax, making the cost of living one of the lowest relative to other provinces.

Mean household income in Banff is $35,651, according to the last Census. Renting a 2 bedroom apartment can cost $750 or more each month. Town homes in nearby Canmore cost upwards of $350,000.