I'm in the same boat as you, MSVU is also my top choice and I am also waitlisted I don't know anyone who got in so I'm not sure when they need to have their decision in by, but I'm assuming it is around 3-4 weeks from the admission offer date. I saw on the results page that someone was waited listed around the end of February a few years ago, and was then offered admission about a month later.
Wishing you the best of luck, hope you hear good news soon!