I currently have an 80 average and don't meet the 82 average for guaranteed residence. I applied for residence already and am currently #126 on the waiting list. If I have an 82 average by the time I graduate, will I be guaranteed residence or still be on the waiting list?

waiting list, but 126 has a good chance of getting a spot if i recall correctly.

You had to meet the grade cut-off in time for residence assignments for it to count as "guaranteed". You're on a waiting list because all of the spots are full - they don't reserve spots for people who could potentially meet the cutoff.