Toronto housing and millennials

$1700/mo for 1-bedroom apartment in Toronto. That's over $20,000 a year (as a reference point, a single person with a salary of $52,000/ yr is actually getting $40,000 after tax.
Let's talk about how we're not supposed to spend over 25% of our income on fixed living costs, and pretend we don't need to save for retirement. How can you support a child or a family in Toronto? How do you come to terms with home ownership not being a realistic goal in your lifetime? How do you afford a car AND an apartment... or are you supposed to choose?
I guess since all we do is work and spend time on our phones, we probably don't care about any of those things. And those rising rates of depression and anxiety must be because we were coddled as children and not because no matter how hard we try to live our parents' version of a successful life, we can't achieve it without the sacrifice of our souls and sanity. So yeah, I guess that's why we wonder endlessly if it's worth it, this semi-charmed kind of life that demands everything and gives little in return.
I really can't wait for the next gen X or baby boomer to say something about millennials failing to launch into adulthood - because I feel the rage of a thousand, entitled, cry-babies inside my belly.