A few thoughts.
1) Capital gains are zero if this is your parent's primary residence (Canada)
2) Probate is not that expensive in most provinces. Three provinces have probate fee of $14 per $1k over a set limit, the others are lower at $4 to $7/ $1k (And NWT and Alberta have a flat $400, etc).. Which province are you?
3) Probate is on the equity value of the home, minus the mortgage on it, so getting a mortgage and investing that amount, (life insurance is a classic option sold to seniors for this), or have a way to not pull from RRSPs / RRIFs other than the minimum, and spend the house equity instead... leaving you as the beneficiary to the RRIFs / RRSPs, etc.