No, it's not too late but will take a lot of perseverance on your part, so you have to be sure it's what you want to do.
We live in Spain but are both native Brits so we speak English at home and DC speak Spanish at school. DS will go to nursery in September, when he'll be 3 months of his 3rd birthday and will start learning Spanish then. Our eldest is 6 and is bilingual, although her Spanish vocab is limited to school type things.
I think the hardest thing will be for your DD to accept the change, and that's why you have to be sure and consistent. DH's mother is German and she only ever spoke English to him and his brother (they lived in London). He really regrets not speaking fluently now. It is a wonderful gift.