The "cheaper" part is out of equation now, for any kind of LMIA (labor market) based jobs. Every employer is required to offer the same salary i.e. at least as much or above the median wage for the same NOC in the same province.
That being said, it is still hard to find live in caregivers with proper qualifications. Or at least Immigration Canada has still kept this program for a statistical reason. There are probably less properly qualified people available in Canada, than available jobs for this particular profile.
So definitely this still operates, else there was no reason for the program to be in place.