Lots of good riding in the area, though if you're staying in the condo zones near the lake, traffic on Hwy 7 can be problematic (no shoulders there either).
But if you're anywhere near downtown, plenty of back streets to get across / out of town to the East, NE, N and NW.
Take some low gears... lots of steep hills. One of my favorite short loops:
http://www.mapmyride.com/ride/united...s/291753302638
a bunch more:
http://www.mapmyride.com/search?txtL...rch=SEARCH+%3E