Faisal Hassan, our MPP, said this week that he would like to “ban greedy profit driven corporations from the home care and long term care sector so that every dollar goes into better care, and better living.” [sic]

This is a gob-smackingly terrible idea.
I have a friend who thinks that profit is in some way immoral. Something about it—he can never explain what (to my satisfaction at least)—seems dishonourable. I think that Hassan probably feels the same: that making a buck from seniors is a bit underhanded.
But there is nothing—not spiders, eels, or sticky tape—that I would fear more as an old person than someone who isn’t interested in my money. When I retire, I hope to live in comfort, able to buy myself high-speed internet, beer deliveries, and a sweet private room where I can sleep in until 10. This is why I save money now, and I expect my eventual nursing home to earn that money by giving me what I want.
In other words, I expect them to profit. I hope they do.
Would you eat at a non-profit restaurant? Gross. Would you sleep in a non-profit hotel? No, thank you. I like my meals hot and my sheets cold, and when I pay for these things, I get them.
Forbidding profits in nursing homes would be just as bad an idea. At best, government could force providers to follow regulations rather than their own self interest. Residents would get what they want only if the providers were obligated or inclined to provide it. They might hope to get kindly workers, but they could never be sure of that affection by—horrors—paying for it.
We buy warmth and affection everywhere else in the hospitality sector. We should be able to buy it in elder care too.