There's a nice trail along the south side of the Speed River which goes out to the Guelph Lake dam and beyond. This is popular with hikers and cyclists.
The Guelph Off Road Bicycling Association uses this area extensively.
If you follow the trail south of Victoria (on the south shore) it is called the Speed River Trail. On the north shore is a trail on property belonging to the Ignatius Centre.
People generally park on the north side of Victoria south of the river.