Homula Realty Brokerage
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50 Mill Street W, Centre Wellington, ON N0B 1S0

Store W Apt/Office
$7,999,000

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.

MLS number
X12472565
Type
Store W Apt/Office
Status
Active
Bedrooms
Bathrooms
Postal code
N0B 1S0
Photos
33
Property tax
$5,702 / year
327days · this listing
Total days on market across every earlier listing of this propertyRegistration and sign-in required

This listing’s own days on market are shown above. How long the property has been for sale across every earlier listing is drawn from records the board releases only to registered users — a free account opens it, along with the sale history below.

Listing history

This address has been listed 2 times.

Sale history is for registered usersSee what this address sold for and when, across all 2 listings. Free account — the board’s rules require one before sold data can be shown.Create a free account

Where this property is

Where this address sits, matched against open government data.

Estimated from the house-number range along this road: the right block of the right street, not the exact building. No address file publishes this house.

Schools

The school boundaries this address is inside, and the schools nearest it. Boards redraw boundaries and cap programs — confirm with the board before this affects a decision.

Other schools nearby

By distance from this address, not school boundary — a school 400 m away can be in another school’s attendance area.

SchoolLevelDistanceRating
St Mary - Elora Catholic Elementary School
Wellington CDSB
Elementary984 m8.2 / 10
82% met the standard
Elora Public School
Upper Grand DSB
Elementary1.1 km8.2 / 10
82% met the standard
Salem Public School
Upper Grand DSB
Elementary1.9 km8.6 / 10
86% met the standard
How the rating is calculated

EQAO — Ontario’s testing agency — publishes, for each school, the percentage of students meeting the provincial standard in Grade 3 and Grade 6 reading, writing and mathematics. The rating is the average of those percentages divided by ten. A school where 72% of students met the standard rates 7.2 out of 10.

Nothing is weighted or adjusted, and schools are not ranked against each other. Where EQAO withholds a result to protect the privacy of a small group of students, that measure is left out rather than counted as zero — so a rating built on fewer than six measures says so.

What it does not measure. It is one year of standardised testing in three subjects. It says nothing about teaching, programs, or whether a school suits a particular child, and it tracks neighbourhood household income closely enough that it partly measures the neighbourhood rather than the school. Treat it as one figure among many.

Source: Ontario Ministry of Education, School Information and Student Demographics (2024–25), Open Government Licence – Ontario.

H-Value

our estimate of this home is for registered usersWhat comparable homes nearby actually sold for, worked into an estimate for this one — with the range it sits in and how far the method has been off in testing.Create a free accountAlready have one? Sign in.

This neighbourhood

Statistics Canada 2021 Census, for the surrounding few blocks — about 365 people.

$89,000Median household income
68.8%Own their home
71%Detached houses
46.4Median age
7.2%Born outside Canada
30.6%University degree

The neighbourhood, by the census

Statistics Canada 2021 Census for dissemination area 35230429 — the few blocks around this address, home to 365 people. It describes the area, not this property.

365Population
43.8Average age
2.4Household size
$142,000Average household income
$89,000Median household income
69%Own their home
31%Rent
0%Condominiums
7%Born outside Canada
31%University degree
$1,180,000Average home value
10%Low income
35%Not in the labour force
23%Never married
$15,000 to $19,9992%
$20,000 to $24,9992%
$30,000 to $34,9992%
$35,000 to $39,9995%
$40,000 to $44,9992%
$50,000 to $59,9992%
$60,000 to $69,9992%
$70,000 to $79,9997%
$80,000 to $89,9992%
$90,000 to $99,9995%
$100,000 and over33%
$100,000 to $124,9997%
$125,000 to $149,9997%
$150,000 to $199,99910%
$200,000 and over10%

Percentages are of the 210 responses in this category. Statistics Canada rounds counts and withholds small ones to keep individuals unidentifiable, so categories with too few people to publish are absent rather than shown as zero.

Source: Statistics Canada, 2021 Census of Population. Contains information licensed under the Open Government Licence – Canada.

Work out the numbers

Everything below is calculated in your browser from figures you can change. Nothing is sent anywhere.

$1,599,800 · minimum here is $1,599,800
$35,417.84per month
Borrowed before insurance$6,399,200
Total borrowed$6,399,200
Interest over 25 years at 4.5%$4,226,152

If you rented it out

-$35,893.01per month out of pocket
Rent$0.00
Everything it costs to hold$35,893.01
How this is calculated, and what it leaves out

Canadian fixed-rate mortgages compound semi-annually, not monthly, so the monthly rate here is (1 + rate/2)1/6 − 1. Most calculators use rate ÷ 12, which is the American convention and overstates the payment by tens of dollars a month.

Below 20% down, default insurance is mandatory and is added to the loan rather than paid at closing: 2.80% at 85% loan-to-value, 3.10% at 90%, 4.00% at 95%. It is unavailable at or above $1.5M, which is why 20% is a hard floor there.

Not included: vacancy, property management, capital repairs, income tax, and the fact that a lender qualifies you at a stress-test rate rather than the one you are quoted. This is arithmetic on the numbers above, not a mortgage approval or an opinion of what you can afford.

Listed by ROYAL LEPAGE RCR REALTY. Listing data provided by the Toronto Regional Real Estate Board.