Waterford is a small town located about 11 kms (7 miles) north of the town of Simcoe. The area surrounding the village is primarily agricultural land, corn and tobacco among the chief crops but other natural health and organic crops are gaining in popularity, such as ginseng. This community has been known successively as Sayles' Mills, Sovereign's Mills, Lodersville, and finally as Waterford when a post-office was opened around 1826.

Every October the town of Waterford and surrounding community hosts a Pumpkin Festival with a fireworks display, parade and a spook house.