While much of the surrounding town has a high elevation, the Village of Waterford is very low relative to the two major rivers forming its borders. Its position at the convergence of both the Erie and Champlain Canals as well as the Mohawk and Hudson Rivers, has contributed to many floods. While major floods have been rare through the last half of the 20th century to the present, the most recent flood of significance was in late June and early July 2006. The flood forced the closing of the Erie Canal, stranding several boats in the locks.