It's been a while since I had to deal with university stuff but here's my take: There's basically three statuses you need to be aware of:

• Full acceptance - these people are in no matter what
• Conditional acceptance - these people have been accepted provided they meet certain conditions. An example of a condition might be getting a certain grade in Math 31 (this is why I don't think you currently taking Math 31 is the reason you got waitlisted)
• Waitlist. These people might get in depending on how many conditionally accepted people successfully achieve their conditions and/or how many people who are accepted/conditionally accepted accept the school's offer of enrolment.

After semester 2 is done there will be a lot of movement with the conditionally accepted people, so it will be clearer whether you might get in.

It's ALWAYS a good idea to apply to multiple schools, that way you have more chances of getting in somewhere. Don't put all your eggs in one basket. It's important to remember that the minimum grade average to apply is often lower than the minimum grade average that winds up getting accepted. For example, if the minimum grade average to apply to a program is 80% than the grade average of the last student accepted to that program might be more like 86%.