Hi,
Yes, it is definitely possible. I applied 2 years ago with very low rank...maybe 150ish(I forget exactly) and last year I was waitlisted at 21st place after interviews (for outaouais campus). Unfortunately I did not get in, but it is a definite improvement. I would say however, it all depends on what was causing your rank to be lower; for me, it was my pre-req courses, which I redid and boosted my grades therefore giving me a better chance and higher rank.
Hope thid helps.