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For saleMLS® X12472597

50 Mill Street W, Centre Wellington, ON N0B 1S0

Elora/Salem, Centre Wellington · Near Metcalfe/Mill · View map

$7,999,000
6Beds
5Baths
3500–5000Sq ft
Waterfront cottageType
NoneParking
UnfinishedBasement
$5,702/yrTaxes
Call / Text Will
$7,999,000
FreeholdNo monthly condo fee
Lot 44.7 x 70.5 ftThe land comes with the home
WaterfrontOn the water
FireplaceCozy winters

About this home

In the heart of historic Elora, where cobblestone charm meets the gentle flow of the Grand River, stands a property that captures the very essence of this beloved village. Surrounded by artisan shops, cafés, and galleries, this stunning building is more than a place of business; it is a cornerstone of opportunity in one of Ontario's most picturesque and thriving communities. Set along the river's edge, the rear of the property opens to a raised deck and stone patio offering an extraordinary vantage point. Here, the sound of rushing water and views of the Grand create a setting that draws people in and keeps them lingering, an atmosphere ideal for a destination business or a peaceful retreat for those who call it home. The main level features a beautifully maintained commercial unit perfectly suited for a boutique, gallery, or café. With high visibility and steady foot traffic, it offers the ideal stage for an entrepreneur or investor looking to establish a lasting presence in downtown Elora. Above, two separately metered two-bedroom apartments provide additional versatility and income potential. These bright, inviting spaces are rich with character and offer views that celebrate the river and the surrounding heritage architecture. Owning a property that combines commercial and residential spaces opens a world of possibility. Operate your own business below while living steps away, or lease both levels for a steady multi-stream income. The configuration offers flexibility to evolve with your goals today, tomorrow, and years into the future. Few properties balance such beauty, functionality, and potential. With its riverfront setting, historic character, and prime location within Elora's lively core, this is an opportunity to invest in a building that embodies the soul of the village itself - creative, enduring, and full of promise.

The home

Type
Waterfront cottage
Style
3-Storey
Square footage
3500-5000 sq ft
Bedrooms
6
Bathrooms
5
Kitchens
2
Rooms
15
Basement
Unfinished
Lot size
44.7 x 70.5 ft
Faces
South

Ownership & fees

Ownership
Freehold
Monthly condo fee
None
Security
Security System
Exterior
Stone

Heating & cooling

Heating fuel
Electric
Heating type
Baseboard
Air conditioning
Window Unit(s)
Fireplace
Yes

Garage & parking

Total parking
None
Parking features
Street Only

Taxes & other

Property taxes
$5,702/yr
Tax year
2025
Occupancy
Owner+Tenant
Possession
TBD
Cross street
Metcalfe/Mill
Neighbourhood
Elora/Salem

More

Price per sq ft
~$1,882 (at 4,250 sq ft)
MLS® number
X12472597

The home and its surroundings

  • Water Softener
  • Water Heater Owned
Want to know something that isn’t listed?
Estimated monthly cost$32,741per month, all in
  • Mortgage
  • Property tax

Cash needed to close

    Estimates only, using Canadian semi-annual compounding, Ontario land transfer tax. Mortgage default insurance is added when you put down less than 20%. Your lender and lawyer will confirm exact numbers.

    Know exactly what you can affordRun your own numbers with our mortgage and land transfer tax calculators.
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    50 Mill Street, Centre Wellington, ON N0B 1S0

    Elora/Salem, Centre Wellington · Near Metcalfe/Mill

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    Sold history

    Listing history for 50 Mill Street

    See what this home and others at the same address were listed for, what they sold for, and how long it took.

    Sold prices are for members. It’s free, takes a few seconds, and unlocks the sale history on every listing.

    Questions & answers

    Frequently asked questions about 50 Mill Street W

    Answers come straight from this home’s MLS® listing.

    How much is 50 Mill Street W listed for, and what would it cost each month?

    50 Mill Street W is listed for $7,999,000. With 20% down ($1,599,800), the mortgage payment would be roughly $32,266 a month at 4.5% over 30 years. Add property tax and the estimate comes to about $32,741 a month, all in. That figure is an illustration, not a quote.

    Is 50 Mill Street W freehold or a condo, and is there a monthly fee?

    50 Mill Street W is a waterfront cottage in Elora/Salem, Centre Wellington. Ownership is freehold: you own the home and the lot. There is no monthly condo fee, so the roof, windows, driveway, snow and lawn are yours to look after.

    How many bedrooms and bathrooms does 50 Mill Street W have?

    50 Mill Street W has 6 bedrooms and 5 bathrooms. The listing gives the style as 3-storey.

    Does 50 Mill Street W have a garage and parking?

    The listing does not show a garage. The listing does not include a parking space.

    Does 50 Mill Street W have a finished basement?

    The listing describes the basement as unfinished.

    What style of home is 50 Mill Street W?

    50 Mill Street W is a waterfront cottage. A waterfront cottage has its own shoreline on a lake, river or bay, so the frontage, the shoreline and the way it faces matter as much as the building.

    How big is 50 Mill Street W, and what is the lot size?

    The listing puts the home between 3,500 and 5,000 sq ft. The board reports a range rather than an exact figure, and it usually leaves out the basement. The lot is listed as 44.7 x 70.5 ft.

    How is 50 Mill Street W heated and cooled?

    Heating is baseboard (electric). Cooling is window unit(s).

    What are the property taxes for 50 Mill Street W?

    Property taxes are $5,702 a year (2025), or about $475 a month.

    Where is 50 Mill Street W?

    50 Mill Street W is in the Elora/Salem community of Centre Wellington. The nearest main intersection is Metcalfe/Mill. The postal code is N0B 1S0.

    Is 50 Mill Street W still for sale?

    Yes. It is an active listing (MLS® X12472597). Listings here update from the board through the day and come down once a home sells.

    What have homes at 50 Mill Street sold for?

    Recent sales, leases and expired listings for this home and others at the same address are in the Sold history tab, with the price and date of each. It is free for members.

    How do I book a showing at 50 Mill Street W?

    Pick a day and time with Book a Tour on this page. Tours are free, with no obligation, in person or by video. You can also call or text 647-931-3923.

    Have a different question? Ask about this home and get an answer, usually within the hour.

    *Estimated monthly cost assumes 20% down, a 4.5% rate and a 30-year amortization, plus property tax. For illustration only.

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