It took me a long time to find decent rain pants, but a couple years ago, my dad bought me a pair from MEC. Not sure they're still making them though.
They're great for the winter, but I find them too hot for any other time of year - wearing 2 pairs of pants, even in the fall, while generating that much body heat is just too much. The rest of the year, I wear either running tights or nylon shorts.
Also, here are
some tips I found for riding in the rain.