At the junction of County Road 503 and County Road 507, the community of Gooderham, originally named Pine Lake, was founded in 1873. It is nestled against what was also originally named Pine Lake, but is now called Gooderham Lake. Stories about the name change in the 1890s vary although all seem to involve Gooderham & Worts Distillery. Gooderham's main industries were farming and logging. The first sawmill was completed by 1875 using the waterfall between Gooderham Lake and the Irondale River. By the 1950s Gooderham was home to sawmills, three general stores, a barber shop, confectionery store, lodge and the infamous Skyline Dance Pavilion where people came for miles to dance to a live band. The IB&O Railway had a station in Gooderham until the early 1960s.

The present community of Gooderham offers a community centre, fire station, library, beach, post office, grocery store, butcher shop, restaurant, liquor store, and a building supply store.