Lake Louise (the village) to the best of my knowledge has no condos and is extremely pricey. Budget options are the Hostel/Alpine Club in the village, or the West Louise Lodge about 8 miles west of the hill. Baker Creek Chalets is a few miles east along the Bow Valley parkway and may be an option. Storm Mountain Lodge has just reopened about midway between LL and Banff, but I don't know if they're doing the winter season. There are two other hostels within a 30 minute drive of the hill.
Lots of motels/chalets in Banff as well as some budget options. Rocky Mountain Resorts is the only timeshare condo available, and they only go up to two bedrooms. The best nightlife is in Banff. You're about 45 minutes away from Louise.
Canmore is cheaper, and has more condo space, but you're a good hour away from Louise.
I usually stay in Canmore or at a hostel, but if you're planning a lot of socializing (pub crawling), I'd recommend Banff.