Hi Sindhu,
Yes, it is possible to get a TRV after two refusals. Someone's mom got a TRV very recently after three refusals.
I had answered your queries in January 2016 after your dad was refused the first time. Back then the apartment was owned only by your mom + your dad didn't have a strong financial situation.
http://www.canadavisa.com/canada-immigration-discussion-board/visitor-visa-for-centeral-govt-employee-india-t393956.0.html;msg4914302#msg4914302
In his current application, your dad has indicated that he owns the apartment + significant bank balance + FDs (which are only 3 months old)
While joint property ownership is fine. And hope the property has been legally amended to include his name (Stamp duty and registration paid for).
For his bank balance + FDs.... you must explain the source of these funds if they do not match your dad's pension. I think there is a financial mismatch which has resulted in a TRV refusal.
You can ignore the Travel History refusal reason. Do focus on sorting out/submitting a stronger financial situation + stronger ties to India before you reapply. You will have to prepare explanations too.... and not just evidence
Cheers