I have a honeywell hot water heat system(condo) with a control valve for the water, a transformer to supply power to the valve and a thermostat. The power supply was disconnected and I now need to reconnect a new transformer into the system. I have tried to use a 40VA transformer but I am concerned it supplies to many amps for the thermostat (max 1.5amps.) Can I use a transformer of this amperage with a thermostat that requires max 1.5 and a control valve that needs .36 amps.

If it is a 24 volt transformer you can use it, that is what all of the controls of central furnaces have.

I have a honeywell hot water heat system(condo) with a control valve for the water, a transformer to supply power to the valve and a thermostat. The power supply was disconnected and I now need to reconnect a new transformer into the system. I have tried to use a 40VA transformer but I am concerned it supplies to many amps for the thermostat (max 1.5amps.) Can I use a transformer of this amperage with a thermostat that requires max 1.5 and a control valve that needs .36 amps.
Yes you can use it it is , your new transformer does not put out ampreage a 40va it is capable of handling the milliamp draw that is created from opening your zone valve and operating your t-stat, which by the way if your in a condo complex this transformer may be contolling more than just your condo which may be another concern if its handling more than three condos , hope this helps