Like Prateek mentioned, I am confident that the amount of applicants will increase over years. When I came into the program, a lot of people did not know what iSci is. Now, a lot more people seems to be aware of it. This means that as more people find out about the program, it would be logical to assume that number of applications would increase (remember that when you guys come, the program will be at its third year).
If you are right about 500, because 60 people are accepted every year, thats a 12% chance of getting into program this year, and if the number increases, it will probably get more intense (although I don't think its such a good thing having too low acceptance rate)