The population of the Town of Banff according to its 2017 municipal census is 8,875, a change of 5.4% from its 2014 municipal census population of 8,421.

In the 2016 Census of Population conducted by Statistics Canada, the Town of Banff recorded a population of 7,851 living in 2,543 of its 2,729 total private dwellings, a 3.5% change from its 2011 population of 7,584. With a land area of 4.77 km2 (1.84 sq mi), Banff had a population density of 1,645.9/km2 (4,262.9/sq mi) in 2016.

In the 2011 Census, the Town of Banff had a population of 7,584 living in 2,565 of its 2,850 total dwellings, a 13.2% change from its 2006 population of 6,700. With a land area of 4.88 km2 (1.88 sq mi), it had a population density of 1,554.1/km2 (4,025.1/sq mi) in 2011.

Parks Canada enforces requirements that individuals must meet in order to reside in the town, in order “to ensure that a broad supply of housing types are available for those who work and raise families in the community”.