Hi, does anyone know if its possible for me switch from Hons. Bio to Hons. Life Sci for Term 2. Is possibly to switch programs within the year?

Yes go talk to your academic councillor. Reminder it may be grade dependent but I believe HonBio is higher tier (cause more specialized) than general life sci so transition should be easy

Life Sci has no admissions cap (they accept an unlimited number of people), so as long as your GPA meets the cutoff (which is a 6 i think) and you have the prereqs, you should be able to switch.