Here is my theory on why I think that the last update includes applicants till at least the end of November (plus or minus a few days).
As of the start of November, the CIC applications that were accepted was showing as only 105 since May. Let's say CIC hadn't yet counted the applications received in the month of October. Assuming the applications received in October was 250. (which I believe was a peak month for applications). Many people would have gathered their documents by this time. So realistically, the total applications that CIC has for 1123 from May till start of November is 355. This can be further backed by real time data because on 10th of Nov, the CIC applications received was updated to 347 (very close). They had likely counted most of the October applicants by the 10th Nov.
Let's assume that from start of November till the end of November, so many applicants sent in their application. I'd consider this as the highest peak month, most people had their documents ready. The number of applications sent in November may be roughly be around 350 - 400. Let's go with the higher number of 400, just to remove some doubt (I think it's unlikely the number of applicants were this many but let's go with the worst case scenario)
The CIC page was still showing 385 as of the end of November. The page was not updated for some weeks, most of the November applicants were not yet counted in this 385 number. Let's assume around 400 November applicants not yet counted. Realistic total of applicants by end of November: 785.
December applicants: I don't consider this month to be a peak period, I think November had the most applicants. I think 200 max is the number of applicants for December because it's just too close to the cap and deadline, only some people didn't have their documents by now.
On Dec 16th, CIC updated their table, applications received counted towards cap: 482. Pending applications: 340 (most likely the November applicants are in this pending section). 782 applications. Very close to the earlier 785 estimate. All November applicants are most likely already been counted in either of these two sections on the CIC website.
The cap left is 178 and I feel that the spaces left would only be for applications received in December and all previous months have already been counted in either applications towards cap section or pending applications section.
What this means is that most December applicants still have a chance to be counted in the cap.
Good luck everyone!
Just my theory.