Yes that's exactly what's happening. The condensation I was referring to was on the outside of the intake pipe. At -40c the pipe temperature is enough to build up condensation on the outside of the pipe. Then of course it drips all over my basement floor. A logical solution (at least to me) is to have the vent pipes inside each other, a double wall configuration with the exhaust gases running on the outside and the intake air on the inside, being warmed up in the process. Just thinking out loud.