So I realized that the waiting list number is dropping pretty quick for the past 3 days. My chances of getting into rez is gettting higher each day but the problem is that residency and meal plan aren't included in my osap. So is my funding going to change once I get a spot? Or do I have to pay for it?.

OSAP already takes into account living costs. Unless you told them you were living at home, there shouldn't be a big difference, but you need to let them know regardless.

Start looking into other options just in case. Even if it's dropping a lot in the past few days, it's mostly because people are getting off the waitinglists, not necessarily because a lot of rooms are opening up. Few maybe are, but there won't be 100 students leaving residence all of a sudden unfortunately.