How are first time homebuyers supposed to do it

I am so frustrated seeing the state of the market in Ontario and need to rant. A bungalow with no garage in my neighbourhood sold for over $1 million, $200k above the asking price, in less than 2 days being on the market.

How is anybody supposed to be a first time homebuyer when you can’t even get a one storey home for less than a million dollars???

Is there hope that things will cool in the next 5-10 years or is this the new normal from now on?

Edit: my neighbourhood is ~2 hours from Toronto.

Edit: thanks for all of the kind words and optimism. The world just felt a little extra heavy yesterday and I let the frustration really get to me. I appreciate the people who have sympathy for young people with the dream of homeownership with the current state of the economy in this country.