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It's always monthly.
For everyone else's reference, the way it works is that every condo owner has a vote in the Condo Board of Directors, and certain residents will take on certain tasks within that. Each Condo Board must manage the state of good repair of the building, so they will be both billing residents for things like overall month to month maintenance (landscaping, pools, etc) but also creating a slush fund for big-ticket items that will come up in the future (roof replacement, window replacement, rooftop mechanical replacement, etc). Since each condo board decides for themselves how to collect and allocate these resources, you end up with some buildings with really low maintenance fees (usually because they are mismanaged) and some buildings with really high maintenance fees. Typically the ones with really low fees will hit a point where they have a big ticket expense but nothing in the coffers, so everyone's maintenance fees will skyrocket for a month or two to cover the cost.
So to answer someone's question "Why would anyone live in a building with such high fees?" The simple answer is, you can never really know what your maintenance fees will be... you just have to hope that your condo board has its wits about it and is properly managing their books. You can typically get this information before purchasing a unit in a building for peace of mind. I'm sure the fees in that building weren't always so high, and it can sometimes be a reason that people are selling (which has a habit of depressing the value of the unit).
Yes, maintenance fees in condos are always payable monthly but you are not quite right about how Condos work in Ontario. Every condo corporation has a Board of Directors and every owner gets to vote for the Board. Once the Board is elected they are legally responsible for ensuring the 'common elements" are properly maintained. (A condo building has two parts: Units - maintained by owners - and Common Elements - maintained by the Corporation - and the boundaries between these two parts are described in the Declaration of the Condominium Corporation - the Declaration is really its constitution.
By law each Corporation has to have a Reserve Fund (not really a 'slush fund") to deal with (only) major repairs and replacements and by law must have an engineer or architect or other trained professional review it every 3 years (a Reserve Fund Study). The annual budget, which is set by the Board, is comprised of the "running expenses (utilities, salaries, basic upkeep, management fees etc) PLUS the contribution to the Reserve Fund - the latter is, in essence, set by the Reserve Fund Study.
The part of the monthly fees that go towards "running expenses" can be controlled by the Board (though these costs will go up each year as utilities and wages increase). The part of the monthly fee going to the Reserve Fund is, pretty much, outside the control of the Board as it is really set based on the Reserve Fund Study.
In some cases (the Dixon Road condos are apparently in this category) nobody is prepared to serve on the Board so sooner or later the courts will appoint an 'administrator' who has all the powers of a Board but is not elected.
If one is buying a condo it is probably NOT a good idea to buy one in a Corporation where nobody is prepared to be a Director, where the Board is not functioning or where it has been more than 3 years since the last Reserve Fund Study..