Average house prices rose 14 per cent in the past year, the Canadian Real Estate Association said Friday, adding to concerns that Canada’s most expensive real estate markets are dangerously overvalued. The group that represents realtors across the country says the average price of a Canadian home sold on its MLS system was $686,650, almost 14 per cent higher than it was in the same month a year ago. House prices in Canada have risen by 14 per cent in the past year, fuelled by record-low mortgages rates and a pandemic-caused desire for more space. (Evan Mitsui/CBC) Canada’s inflation rate hit four per cent in August, the fastest increase in…