If you can get tickets:
From Rennsport site: http://forums.rennlist.com/rennforums/996-gt2-gt3-forum/546438-f1-in-montreal-best-seats-to-watch-the-race.html
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12 is popular because of the passing opportunities it offers and the resulting carnage. Cars carry little speed however and feather the throttle through so the the experience never really raises the little hairs at the back of ones neck.
21,24,15 (in that order) at L'Epingle (east hairpin) is also fertile grounds for significant passing, but also offer a better sense of the mind-bending braking and acceleration F1 cars are capable of, not to mention the absolutely hair raising aural experience of hearing these things bang down through the gears and then back up again as they enter the run down the Casino straight. The lower in the grandstand the more accentuated the speed effect. I recommend this over 12.
1,2 (and likely 3 and 4+ more as tickets sellout) are always Gold seats, meaning you get proper bucket seat with seat back. Comfort offered by the seats offsets the sunburn/face toasting, because the day starts off with the sun to your left, stares you down all day long as it starts setting on your right. Seeing the pit action, grid preparation, and starting line action is a plus, and seeing 20+ F1 cars making a start is a truly memorable "concussion" for the mind, body and soul . However the continual siren song of an F1 in nothing but straightline performance gets a little dull, and the fact that you can't see the cars downshifting/braking into the Senna esses makes you feel like you are missing something everytime a car goes by, especially when one car sets up on the front straight to overtake into the corner.
Having sat in every grandstand over the many years I have attended (including The Paddock Club and the slightly more modest VIP tents just adjacent to these), I began to think that the organizers should have tickets that rotate your seating location to a different grandstand every half day (of the three day race weekend) in order to savour these cars in all their capacities and glory whether it been straighline speed, braking, cornering or acceleration. Difficult to get all that in one grandstand and that's why I would re-direct you to 21 or 24.
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Where to stay. Anywhere in the city. The race track is on an island (where they have the 1967 EXPO) and you will be getting there by Metro (subway).
Best places to party during the race, Crescent street. Plenty of bars some Quebec 'peeler bars (strip joints). Have all the hotels, Sheratons, Marriots etc..So park your car in the hotel parking and forget about it for the week.
Also downtown has excellent restaurants although you may want to experience some local stuff as well. Poutine with a steamy for lunch and visit Schwartzs for some awesome smoked meat. A visit to St-Laurent street for caf