The circuit is located on the edge of Montreal and so this is the best place to stay.
Montreal is a vibrant city with many different things to offer. From 18th Century architecture in Old Montreal to the Art Deco buildings of the Village, there is something to suit all tastes. The bustling downtown area has a great shopping experience; from chic boutiques to high end fashion brands. There are also plenty of art museums showcasing a range of Canadian and International art. The beautiful harbour front at the Old Port offers plenty of cafes with spectacular views out to Parc Jean Drapeau, where the Formula 1 circuit is located. Each quarter has its own little quirks and charms, and you'll never be stuck for something to do in this beautiful city.
The city offers a range of accommodation, tipping slightly towards the upper end of the market. However, if you book enough in advance you should be able to find something to suit your budget.