Waterdown and its associated Great Falls (also called Grindstone Falls, so named for the creek that feeds it, or Smokey Hollow Falls, so named for the smoke rising from the hollow from the mills, or Barnes' Falls, named after the Barnes family who owned the property until 1978), are located on the local portion of the Bruce Trail System in Ontario. The Smokey Hollow falls originally powered a sawmill and gristmill when the town was founded, and later a number of other small mills, and as a result of demand on the limited water supply, time shared the water. The last operating mill ceased operation in 1912. Today, only remote foundation ruins of the mills remain, although a lookout over the falls and a signboard detailing the history of the area is in place. ("Hamilton - Waterfall Capital of the World" from Joe Hollick's list. Retrieved 2008-08-22.)
Furthermore, Waterdown also has many wetland trails in the eastern end of town which are well marked and have informational signage. (Hamilton Waterfalls and Cascades: Research & Inventory Report, 2nd Edition. Hamilton Conservation Authority. November 2007. pp. 22 44.)