(Source: National Post)

Bazis International’s failure to get its much-hyped One Bloor tower off the ground might have indicated otherwise, but most evidence suggests Toronto’s remarkable flurry of luxury condo projects appears to have survived the recession.

The Residences at The Ritz-Carlton opened its new presentation office on the weekend, one of more than a dozen luxury condo projects in Toronto that continue to generate interest in the face of economic instability.

Bazis may have been seen as a cautionary tale about the current prospects of high-end condominiums, but judging by the success of even richer developments, Bazis was something of an exception. A number of key luxury projects are on track for completion and full occupancy within the next few years.

“Even though the economy took a tank and there was almost no activity between October 2008 and March this year, luxury projects did all right, all things considered,” said Ben Myers, executive vice-president of Urbanation, which tracks the city’s condominium market.

A spokesman for the Ritz project says its success points to the “myth of Toronto’s failing market.”

Read Rob Roberts’ full article “Surprise: Luxury condo projects have survived, and thrived” in the National Post (September 29, 2009).

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