Wife and i were heading out to grocery store and stopped at a stop sign on lancaster st in waterloo and i looked right to check traffic and noticed this object in the sky over kids ability building about 15 degrees and maybe 500 ft in the air that i thought to be a weather balloon but grey in colour. this object i pointed out to my wife in passenger seat and she also observed it. after a few seconds this hovering object took off straight up at a blinding speed and disappeared into the clear sky without any sound. i am sure others had to see this object! if needed i can draw a picture from memory.