Condo construction continues to increase in the GTA

TORONTO, Ont. - The condo towers keep going up and there appears to be no end in sight.

The value of Canadian building permits hit a four-and-a-half-year high in December, which stunned economist who were expecting some cooling.

There was a 30 per cent leap in the construction of condominiums.

Craig Alexander, chief economist at TD Bank, told 680News many of these units may be snapped up by investors who are nervous about putting money in the markets.

"It's a good entry point for a lot of home buyers and I think investors looking at uncertain stock market returns, real estate starts looking even more attractive," he explained.

The Canadian Real Estate Association said Toronto hit an all time high in condo sales in 2011, decimating the old record by 24 per cent.