Federal carbon tax will increase condominium gas bills by 12-15% April 1st

Federal carbon tax will increase condominium gas bills by 12-15% April 1st

Crossbridge’s custom budgeting tools typically reflect only the latest rates approved by the Ontario Energy Board (OEB) and/or regulation that has passed.  This solid foundation is key to having a transparent, defendable budget basis, which is critical to every board of directors.

Recent news events call for flexibility in our budgeting approach.  Although this change has not yet been approved by the OEB, we believe an increase to natural gas prices stemming from federal carbon tax legislation are imminent:

Provincial Press Release (click here)

As such, we have chosen to reflect the above increase in our budget template tools as of April 1/19.  This corresponds to an approximate 12-15% increase to a condominium’s natural gas bill.  This increase will be applied to all gas accounts – those on a gas contract will not be shielded from this increase.

This serves as another indicator that consumption is the only element a condominium corporation can control, which is why we have been working very hard on identifying and implementing conservation projects across our portfolio for many years.