The "wait list" is not dependent on school. It is dependent on the total amount of declined awards. I was on the wait list last year and 3 people from my school rejected awards to pursue medical school but I did not receive anything. As far as what my professor told me, basically put you on a list at NSERC and depending on the rejections they assign awards to those on the wait list and notify them in June. Based on what I have heard, several years ago, NSERC used to award more than their budget allotted and take into account the rejections after the fact, until not enough people rejected them and they were in the red. They then changed their awards process.
On another note, I'm at the University of Victoria and as far as I know no one has heard anything, at least in the department of chemistry.