We had four weekdays in mid-September. Two of our days had rain and fog which brought changes to our plan. Instead of spreading out the five lakes— Peyote, Bow, Emerald, Morraine, Louise, we hit all of them in one day. Not ideal but it worked out for us. We were fortunate our transit pass for Moraine and Louise fell on a sunny day.
In addition to the above lakes I recommend taking in the Icefields Parkway for gorgeous mountain and glacier views (we have been to Jasper previously so we only went as far as Peyote), Surprise Corner, the Cascade of Time Garden and the Banff Springs Hotel for an overpriced drink in the Rundle Bar with a million dollar view. Many rave about the gondola ride at Lake Louise but as I am not a fan of heights we did not go. Downtown Banff has restaurants, shops, an IGA grocery store and multiple liquor stores (wine not sold in the grocery store).
We were in Banff in 2012 but here is what I learned planning this trip.
Pack your patience. Even though the kids are back in school I was amazed by the crowds. Lots of tour groups.
Make your hotel or camping reservations early. There is additional lodging in Canmore (connected by a good bus network).
For visiting Lake Moraine (Moraine Lake Road is closed to personal vehicles year-round) or to avoid the $50 CAD day parking fee at Lake Louise make a reservation ASAP with Parks Canada Shuttle. Of our four days we could only find availability one day. You park (or bus) at the Lake Louise Ski Park and Ride, ride the shuttle to Lake Moraine/Lake Louise/back to your car for around $14 CAD pp. There are private shuttles that may be easier but they cost more. For example Lake Louise Shuttle offers both lakes at $125 CAD pp. I have no recommendations but I saw Mountain Park, Banff2go.com, Rocky’s Journey.
Roam bus service: We only used our car one day. Otherwise we utilized Roam which was excellent. We bought tickets at the visitors center but the app, cash and ticket machines are options. Roam and the Canadian National Parks offer generous senior discounts.
Parking at the lakes is extremely limited. We arrived at Peyto and got lucky. When we left an hour later the line up for parking was over 50 cars. Purchasing a private day tour package may be better. They had designated parking.
Watch the weather. We had rain, snow and sunshine. The mornings were low 30F. Layers.
Hiking: We did about six, 2-4 mile hikes. In many places the trail is asphalt. Trail runners worked great.
Banff Park is breathtakingly beautiful. The color of the lakes and the mountains is beyond words (and this comes from someone who lives between Mount Rainier and the Olympics National Parks). We drove (two days but we have family along the way) but many fly into Calgary.