News: the Royal Architectural Institute of Canada and architect Raymond Moriyama have launched a $100,000 award to rival the Pritzker and Stirling Prizes, which will be awarded every two years through an open competition.

The $100,000 CAD (£55,000) prize will be one of the biggest in architecture and is open to architects and architectural partnerships from anywhere in the world. It will be awarded to an "outstanding" building or project and can also be granted to a non-architect in recognition of an exceptional contribution to the built environment.

It has been established in partnership with Canadian architect Raymond Moriyama, who has made a gift to the Royal Architectural Institute of Canada (RAIC) to create the award, and will be known as the Moriyama RAIC International Prize.

"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," said Moriyama in a statement.

"It is not a lifetime achievement award," added Moriyama. "Anybody, young or old could apply and have a chance of winning."

The recipient will be selected through an open competition, and submissions for the first edition of the prize are due by 1 August this year. The award ceremony will take place in Toronto at the Fumihiko Maki-designed Aga Khan Museum on October 11.

The RAIC aims to raise a further $5 million CAD to create an endowment fund for the prize.

"Raymond Moriyama conducted his practice with a rare degree of  humanity and humility," said Barry Johns, chair of the RAIC Foundation board of trustees. "The prize is a testament to his vision and generosity."

Three students from Canadian schools of architecture will also receive scholarships of $5000 CAD and will be selected via an essay writing competition.

The portrait is courtesy of Moriyama & Teshima Architects.