Toronto will soon have the fastest internet on the planet, Bell Canada announced on Thursday.

The telecommunications company will introduce its new internet service, called Gigabit Fibe, to 1.1 million Toronto homes and businesses starting this summer.

Bell Canada president and CEO George Cope said the project would bring widespread access, innovation and economic benefits to the city.

"Gigabit Fibe is a revolutionary broadband communications service that puts Toronto out front as a world-class Smart City," he said.

Cope said Bell will begin by installing the service in an initial 50,000 locations in the city. Bell estimates its investment at $1.14 billion, calling it the country's biggest gigabit infrastructure project.

The project will create 2,400 jobs in Toronto, something that drew Mayor John Tory to the announcement.

"This is Canada's largest gigabit Internet infrastructure project, creating 2,400 jobs for our city. I'd like to thank Bell Canada for investing in Toronto and delivering services that meet the needs of today and the future," said Tory.

Improving on fibre speeds

Bell currently uses fibre cabling to provide internet in Ontario and Quebec, and it says fibre infrastructure expansion is ongoing.

The gigabit cabling will bring internet speeds to a maximum 940 megabits per second (Mbps), up from the 175 megabits per second Bell currently offers.

Bell said that means internet users would be able to download an entire HD movie in seven seconds.

It is promising other cities will get its Gigabit Fibe service in Ontario, Quebec and Atlantic Canada.

Google Fibre is a similar project that offers the same speeds in select U.S. cities.

Canada has consistently ranked poorly amongst similar internet-using countries in terms of speed. With an average upload speed of 5.67 Mbps, Canada ranks 53rd in the world and below the global average, according to speed-testing firm Ookla.