Shortlisting is not the same as waitlisting.
Say 300 people applied to the Aug intake of BCIT, with 96 spots available. They might shortlist, say, 120 (this is a made-up number!). That means 180 people are cut - try again next time.
Those 120 shortlisted people are asked to submit further information (ie. references, essay). 96 are chosen from that 120, and they will also
have a small list of,say, 10 people as "backups" in case all 96 don't accept their offer of admission. This is technically called a waitlist, but it functions differently than other schools
. So if you're following the scenario, 104 chosen, another 16 cut to try again next time.
BCIT doesn't have a waitlist like other schools such as Langara or Kwantlen (sorry, can't remember which?), where everyone who meets the minimum requirements is placed on a list and eventually make it into the program. At BCIT, each intake is competitive. You could apply once or ten times to get it. BUT usually the top ~5 people on the "backup list" are guaranteed a spot for the next intake if they don't make it in that time (so if all 96 did accept those offers, those 5 would be offered admission for the next intake)
Hope that wasn't too confusing!