A new $100,000 Canadian prize for the best new building in the world – is one of the globe’s richest prizes.

The Royal Architectural Institute of Canada and Toronto resident, Raymond Moriyama announced the prize today.

The internationally distinguished archtect says the honour will be awarded every two years – for a new building anywhere in the world. 

84-year old Moriyama says the thrust is to raise the stature of the R-A-I-C internationally – and elevate the stature of Canada architecturally and culturally – motivating Canadian architects to greater heights.

The prize will be open to architects around the world, as well as anyone else who makes an exceptional contribution to architecture.

The first award ceremony takes place October 11th at the new Aga Khan Museum in Toronto.