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Property Type: Detached HouseOwnership: Freehold
503 WELLINGTON ROAD 7
Elora, ON N0B1S0
MLS® 40872903
20
Walk Score
28
Bike
$985,000
4 bed3.5 bath10 parking2,281 sqftBuilt 1985
20
Walk Score
28
Bike
Property Details
Property & Lot
- Sub-type
- House
- Style
- Raised bungalow
- Stories
- 1
- Lot size
- 0.35 acres
- Frontage
- 105 feet
R
Ownership & Fees
- Property type
- Detached House
- Ownership
- Freehold
- Annual property tax
- $4,872
Interior
- Basement
- Finished, Full
- Heating
- Forced air, Natural gas
Room Dimensions
| Room | Level | Dimensions |
|---|---|---|
| Bedroom | Basement | 12'3'' x 13'4'' |
| Office | Basement | 8'10'' x 6'9'' |
| Bedroom | Basement | 9'9'' x 10'11'' |
| Laundry room | Basement | 11'7'' x 10'10'' |
| 2pc Bathroom | Basement | — |
| 3pc Bathroom | Basement | 11'7'' x 5'0'' |
| Recreation room | Basement | 13'9'' x 16'3'' |
| Primary Bedroom | Main level | 17'1'' x 12'0'' |
| 5pc Bathroom | Main level | 10'7'' x 8'0'' |
| Bedroom | Main level | 10'10'' x 10'8'' |
| Kitchen | Main level | 10'7'' x 15'8'' |
| Dining room | Main level | 13'2'' x 9'3'' |
| Living room | Main level | 12'1'' x 14'7'' |
Description
Set well back behind mature trees at the edge of Elora, this raised bungalow has been comprehensively renovated inside and out. The main level opens beneath a vaulted ceiling, where the living and dining areas flow into a custom kitchen anchored by a ten-foot quartz island with pot filler, quartz backsplash and a full Samsung appliance suite, while sliding doors lead out to the deck and the yard beyond. Two bedrooms sit on this level, the primary comfortably proportioned with its own walk-in closet. The lower level walks out to the garden and lives as a true second living space rather than a basement, with a soundproofed media room and fireplace at its heart, two further bedrooms, a private office and a full laundry room. Much of the more than $300,000 invested here is deliberately unseen. Electrical renewed throughout, plumbing entirely replaced, spray foam insulation to ceilings and basement, a water softener and whole-home filtration with dedicated drinking water at the kitchen, and every room hardwired for internet. Outside, the yard is set up for real use, with a gas-heated pool, a deck made for long summer evenings, a fresh gravel drive and walkway, 30-amp service for a trailer or boat, and provisions for a hot tub and EV charging. All of it minutes from downtown Elora, where the shops, restaurants and the Mill sit above the Grand River, with the Gorge trails just beyond and Fergus, Guelph and Waterloo Region an easy drive. (id:63161)
Listing Information
- MLS®
- 40872903
- Data last synced
- October 22, 2026
THE AGENCY
Data source: CREA DDF.
CREA DDF® ListingListing Brokerage: THE AGENCY
MLS® Number: 40872903
Listing data is sourced from CREA DDF®, the Canadian Real Estate Association (CREA) Data Distribution Facility. Listing information is deemed reliable but is not guaranteed accurate by CREA or the listing brokerage. Data provided courtesy of Cornerstone Association of REALTORS®.
Values & Trends
This listing
$432/sqft
Building average
—
No other active listings in this building
54 - Elora/Salem average
$414/sqft
8 active listing(s)
Parking: 10 stall(s) includedStorage locker: Not indicated
Per-stall/locker dollar values aren't itemized in our data source — shown as included/not indicated only, not a fabricated estimate. $/sqft averages are computed live from other active listings, not a third-party model.
Location Insights
Weather
Nearest station: Guelph
5°C
—
Humidity 95%
Wind NNE calm km/h
Tonight
6°
Thursday
19°
Thursday night
6°
Friday
12°
Friday night
-2°
Saturday
14°
Source: Environment and Climate Change Canada.
Nearby Places
Parks (2)
Similar Listings Nearby
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Mortgage & Ownership Cost Calculator
Minimum required: 7.5% ($73,500) — 5% under $500K, 10% up to $1.5M, 20% at/above $1.5M.
Financial Ledger
Net mortgage (loan + CMHC insurance)$788,000.00
Periodic payment — Principal & Interest (monthly)$5,083.91
Additional monthly expenses (condo fees, tax, utilities, etc.)$520.00
Total monthly cost$5,603.91
Interest paid over 5-yr term$225,843.07
Balance at end of term$708,808.55
Rates based on Bank of Canada benchmark data.
Financial Summary
Minimum down payment$73,500
Stress test qualifying rate8.19%
Payment you must qualify for$7,067.53
Cash Needed at Closing
Minimum down payment$73,500
Estimated Land Transfer Tax (LTT)$16,175
Legal / closing costs (typical estimate)$1,500
Total cash needed$91,175
Minimum down payment: 5% on the first $500,000, 10% on the portion up to $1.5M, 20% at/above $1.5M. Stress test: OSFI's minimum qualifying rate, the greater of contract rate + 2% or 5.25% — this is what lenders require you to qualify at, not what you'll actually pay. Closing costs are a typical-range estimate, not a quote — actual legal fees vary. Land Transfer Tax is the Ontario provincial schedule, before any first-time buyer refund; only the City of Toronto charges a municipal land transfer tax on top, so none applies in the areas this site covers (Ontario Ministry of Finance, ontario.ca/document/land-transfer-tax, as of October 28, 2026). Verify all figures with a mortgage broker and lawyer before relying on them.
