If you aren't considered a full-time student, things like OSAP can drastically change. If you have 5 courses first term and 2 second term, that's 21 units, so you'd need one more course to be considered 'full-time' by McMaster.
If there's a specific reason why you only want to take 2 courses, and you don't mind being a part-time student (this status would be for the full year, not just that term), then it should be fine. I think you need to be a full-time student for the bus pass though, but I could be wrong (no source, just what I've heard from people).
If you want to still be considered a full-time student, then all you need is one more course