Building a 4plex - Gas vs Electric Heat

[Sarah Robertson]

I am interested in building a 4plex located in Northwestern Ontario, Canada. We have extreme winters that maintain -30 degrees Celsius for months on end. 

My husband wants to build using electric baseboard heat, and have tenants pay their own utilities. He seems to think that the electricity bill will not be that expensive, as the apartments will be well insulated by sharing 2 walls (2 front, 2 back apartments).

I have major concerns with the electric bills being so high that we will not be able to maintain occupancy since our winters are extremely cold. 

Does anyone have experience with extreme winters and electric heat in apartments?