The Living Realty Toronto International Dragon Boat Race Festival has been given the all-clear to proceed next weekend in spite of high water levels on Lake Ontario, organizers announced Thursday.

There had been growing concern as to whether the event would move forward due to the flooding on the Toronto Islands.

But following a site visit with the city and the Toronto Chinese Business Association (TCBA) on Thursday, the chief operating officer of GWN Dragon Boat Aaron Soroka said the decision was made to alllow the event to proceed.

"The city is going to allow us to move forward with the event," Soroka told CBC Toronto.

"The run is still cancelled this weekend but the Dragon Boat Festival next weekend will go ahead. With the high water levels, the racing will be fast and furious."

Soroka said there is still flooding in the space the event usually occupies, hence the Athlete's Village and the entrance to the area where the teams gather will be modified.

"GWN and the TCBA are working hard to finalize those details and will post updates as soon as they are available," he said.