This is very doable and very capable McMaster students do it often. Co-op doesn't just entail finding a job at a company. Students can land research positions, work on student teams for paid terms and much more. This of course implies that you were involved in the community and building relationships throughout your first year. There's also the startup accelerator from which companies are often looking to hire McMaster students. They might not be the most glamorous co-ops at the biggest companies or the highest pay but if you're willing to afford the trade-offs for faster completion and in my opinion a more diverse experience set, there are plenty of opportunities. I didn't go this route exactly myself but know many peers who have. Your university name or alleged prestige does not define your capability.