Accommodation in Collingwood may be expensive if you are arriving prior to January 2 as special holiday rates are in effect.

It appears that accommodations in Wasaga Beach are significantly cheaper. Depending on where you stay in Wasaga Beach you may in fact be closer to the race site. One site that has links to accommodations is http://www.wasaga.com/stay.html

Accommodation is also available in Barrie; however count on a 45 minute drive to the race site. http://www.tourismbarrie.com/where-to-stay/

You may also want to consider staying in another location until January 2^nd at which time rates in Collingwood will be more reasonable.