This is what a hostel should be – clean, friendly and full of interesting travelers – and the rustic, comfortable lodge-style buildings, with plenty of raw timber and stone, are fine examples of Canadian Rockies architecture. Dorm rooms are fairly standard and the small private rooms are a bit overpriced, but this is as close as you'll get to budget in Lake Louise.
Private rooms with lofts are great for families. Don't miss the on-site Bill Peyto's Café.