Hey!
I specifically contacted the graduate assistant (Gerri Lyman) on the 14th of May to inquire about my application and she took a few days (Monday was a holiday and such) and got back to me that Tuesday, saying I was waitlisted. I'm still waiting on U of T to get back to me, but I haven't heard either way from them. I think if you haven't been rejected by this point, you are waitlisted. One of my friends was rejected early May/end of April from Queen's, so if you want some peace of mind you can email Gerri and she can let you know for sure.