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Mississauga ON Early 80's

I am not sure of the year although it was sometime in the early  80's. I wish I had reported this then or made notes. Maybe this is the time? We  were at a friends apartment in Mississauga near the QEW and Erin Mills Parkway. It was summer time in the afternoon. The skies were blue with little or no clouds. The apartment was fairly high up. 7-10 floors facing north. I was inside when my friends start to yell. I ran to the balcony. Standing on the balcony looking north, the Credit River to our right, runs from Lake Ontario behind us,  north. In the distance we can see Erindale University. There Credit River forms a natural green belt. Not more than 2km's to our right, hovering slowly and  quietly south down the Credit River about 500m above the ground was a saucer or disk shaped object (craft). There were no lights. I remember distinctly that it  looked weathered. Rusty, brown, black. It looked like it had been exposed to the elements. I would estimate that it would have been 200m from end to end. Fairly low profile compared to the size. The craft continued to slowly hover south for  approximately 45 seconds. It was hard to tell if it was spinning. It then stop  for 15 seconds. It rose instantly about 500-1000m straight up. Stop briefly then  appeared to take off south and vanish again silently. I do not believe any of my  friends that were there that day ever reported their sightings. I looked for  other reports in the papers for a couple of weeks, but never read or heard of another sighting of this object. This experience has effected the way that I live my life. ((nickname deleted))