I don't know how it works there, but I found my honours supervisor in the beginning of the summer because I had collecting to do for mine. It helped a little bit that I had worked for him the prior semester. But you can find a supervisor as late as September and still be allowed to do it.
Our school doesn't really care what you're future is. If you want the option of going to grad school, apparently an honours is seen as favourable. Majority of the people who do an honours goes off and does their masters, but a couple of years ago, my professor had someone who now teaches junior high. Last year, a pre-med student did hers on shoulder tendenitis (think I spelled that wrong). Right now, there are a couple of pre-pharm students, a couple who want to go on and do a masters, a couple who don't know what they want to do, and me... a pre-vet. One pre-pharm is doing their honours on plant diversity and the other is doing something with crustacean populations. I'm identifying digenean trematode parasites in a local lake, to make a long story short... and my plan is to to avoid getting a masters 😛