What are the gas and electricity rates in your area? In Sask, we’re paying about $0.16/kWh for electricity and about $6.40/GJ. There’s about 278 kWh in a GJ, so the electricity cost works out to about $44/GJ, or about 7 times the cost of gas. A good coefficient of performance for a heat pump seems to be about 3, and modern gas furnaces are easily above 90% efficiency so the actual cost difference for gas to electric heat is about 1:3.

Now, newer houses are better insulated, so your heating load on a 2012 build is going to be a lot lower than a 1977 build. You also didn’t mention your heat source. Ground source pumps are pretty good efficiency year round, but cost a lot for the initial install, while air-source pumps have a large seasonal variation in their efficiency, which is particularly troublesome in central/northern Canadian climates.