Your grade 11 marks will only influence if you get early acceptance. However, I'm almost positive that both Mac and UofT do not look at grade 11 marks, that's why most people start receiving their acceptances in February and after.
As for your second question, they accept students in waves. I believe there are 3 waves.
November-January: Schools look at your grade 11 marks ONLY. Grade 12 first semester midterms are not taken into consideration.
January-March: First semester grade 12 marks. At this point, grade 11 marks have no purpose I believe. They are just looking at your first semester finals.
March-May: First semester finals and second semester mid terms. Once May 25th rolls around, all schools will have sent out their acceptances.