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Telus has announced that a $1-billion investment to dramatically increase Internet speeds in Vancouver.

According to the company, this will "bring fibre to our hometown of Vancouver, making it the world's next gigabit enabled city".

This will enable subscribers to stream Ultra HD video across several screens simultaneously.

Speaking to reporters at the Fairmont Pacific Rim Hotel, president and CEO Darren Entwistle said the company's investment will enhance the efficiency of the health-care system.

According to Telus, the high-powered network will also promote telecommuting, home-based business startups, and enable small- and medium-size businesses "to scale and compete globally by capitalizing on cutting-edge cloud and Internet of Things solutions".

"This network will give our educational institutions access to the most advanced teaching tools in the world by providing our students access to next-generation technology like digital textbooks, video conferencing and interactive whiteboards," the company noted. "And it will transform our healthcare system through telehealth applications, reduce hospital congestion with remote patient monitoring and promote better health outcomes for Canadians by proliferating electronic medical records."