Canadian architect launches $100K prize that could rival the Pritzker

This undated photo shows Raymond Moriyama. (Moriyama & Teshima Architects)

Canadian architect Raymond Moriyama has launched a new international architectural prize for the best building in the world, which could potentially rival the prestigious Pritzker Prize.

Launched in partnership with the Royal Architectural Institute of Canada (RAIC) Foundation, the Moriyama RAIC International Prize will consist of CAD $100,000 and a sculpture designed by designer Wei Yew. The accolade is set to be awarded every two years.

"My hope is that this prize will raise not only the stature of the RAIC internationally, but also the stature of Canada, and inspire Canadians and Canadian architects to aspire higher," says 84-year-old Moriyama.

The prize is open to any architect, firm, or collaboration in the world for an outstanding building or project, and could also be granted to a non-architect for an exceptional contribution to the industry.

Moriyama is keen to stress the accessibility of the prize, saying: "Anybody, young or old, could apply and have a chance of winning."

The Toronto-based architect, co-founder of Moriyama and Teshima, was first inspired to offer the prize back in 1976 while hiking through India and Nepal.

Moriyama & Teshima Architects is known for many critically acclaimed projects including the Canadian War Museum in Ottawa and the Canadian Embassy in Tokyo.

The winner of the Moriyama RAIC International Prize will be selected through an open, juried competition and submissions are due by August 1, 2014. The first award ceremony will take place in Toronto on October 11, 2014.