Its predecessor, Parkwood Manor, was built on Cardinal Crescent in southern Waterloo and opened in 1963 as a joint project of the Evangelical United Brethren Church and the United Church of Canada.

Both as a United Church of Canada Home and now as a Mennonite Home, Parkwood has sought to provide services that are consistent with Christian principles of caring and love. Residents are treated with dignity and acceptance by an exceptional staff under the direction of a caring and committed administration and board.

In the late 1990’s, the Parkwood Board began planning a new development to include both independent and assisted living for seniors as well as a larger long term care home. In April 2000, land was purchased in Waterloo on University Avenue East across from RIM Park.

A groundbreaking ceremony for the long term care home was held on Sunday, January 26th, 2003. The new  Parkwood Mennonite Home was officially opened on Tuesday November 2nd, 2004.

Construction on the 18 Garden Homes for independent living began in fall 2004, and the first home was occupied in April 2005. Future phases of the Parkwood community include the development of assisted living suites, independent living apartments and suites.