I am hoping that it wasn't the age ! Because I can tell you from my experience having already done a graduate degree in another subject, it would be the most boring/least creative class room to be in, where people are exactly the same (in all sorts of things, including thinking; diversity in class room is a very useful thing). We need all types of people in a class room, and I can also tell you, when I was doing my graduate degree some years ago now, I as a 24 yr old found the oldest person in my research group and also the classes (same 55+ yr old person btw), to be most flexible, creative, calm person in the group, I enjoyed working with her. On the other hand, some of the 22-26 yr old's in my classes were very spoiled, blabber mouths that just liked listening to their own voice !
But one does have to wonder though, because your description of your qualifications and experience sound to me like a good match, unless you had really bad references from work/university ? (but i guess if this was the case you wouldn't even get wait-listed)....
Hopefully you do end up getting a spot though as people give up their U of T positions for other universities. Good luck to you and all others on this forum who are still waiting to hear back and are wait listed somewhere.