Cost of changing heating system from oil to electric

I am about to purchase a 2000 sq ft home, all one level. The space is basicallydivided into two areas. The one smaller area has electric heat already. However, the other area, is a large workshop space which uses oil heating. I am guessing the oil heating costs would be quite high in the workshop area. I am wondering if switching the heating system from oil to electric would help reduce monthly heating costs; be more efficient.

What would be an estimated cost for changing the system to electric heat.

The house is in St. John's, NL. I am also planning to divide up the workshop space to extend the living area and have the workshop area smaller...thinking this may also help conserve heat better...main question however is is changing the heating system. Is it very expensive to convert the heating system to electric heat for an approx. 2000 Sq ft house? any estimate/ ball park figure would be helpful. Thanks