All of us in Metro Van (an educated guess) have been though this also.

I used to ride about 25 km from Burquitlam to Richmond in the winter. I would ride hard and sweat no matter what.

Here is what I found worked best. I had a place to hang everything at work so it would dry.

I gave up on water proof jackets and pants. They kept the rain out but the sweat in, which would make me overheat. I preferred to be a bit cool than overheating. I may consider the rain jacket below 5 deg C and if it was cool enough to have some potential to freeze I would not ride.

Top layer: I use layered combinations of wool, compression shirts and thin fleece dependent on weather and laundry completion the night before. I would wear it under a high vis long sleeve top layer. The waterproof jacket only came out for the exceptionally cold and wet days.

Bottom layer: I had a pair of some MEC rain pants. They were not waterproof, but resistant. They lasted years and I just replaced them this year, but I could not find a decent equivalent. They could get hot, but not too bad and they kept me fairly dry from rain. I think the closest equivalent were the Adanac tights, but I found those this year fit poor and were too hot. I ended with the MEC Vuelta tights. They offer mild water resistance and worked well this winter, but I did not start using them until maybe Feb. When it got colder I would layer my spandex tights underneath. Dependent on the forecast I would just wear the spandex and start cool and warm up. The biggest problem I found in the rain was that my spandex wicked rain down the leg to my sock and into my shoe. The tights did not do this. The new MEC Flyer tights look nice and sound similar to my original ones.

Feet: I used my standard Shimano SPD mountain shoes. I put a piece of duct tape over the cleat holes inside and that made a world of difference. I wear either Wooleators, Woolie boolies or if it is really cold my mernio hiking socks get squeezed in. I then use MEC drencher shoe covers. I found they worked well. My feet were not dry, but they also were not soaked and it was an easy setup to put on. If the shoes were unusually wet when I got to work in the morning I would take out the insoles (normally did that to aid in drying anyway) and I stuffed the shoes with wadded up newspaper. Dry enough to not be miserable by quitting time. The temptation for the whole waterproof setup is nice. But I have done it so long like this and it is suitable to me frugality keeps winning.

Gloves: Year round I tend to wear the MEC Humboldt paddling gloves, I had good dexterity to do repairs, they are durable, add nice cushion and will warm up when damp/wet (not soaking). When it gets to be heavy cold rain I have a pair of Black Diamond ski gloves that work great. Rarely my hands were cold, but they would be wet, not soaking and mostly from sweat I think. But the gloves were lined so that I could pull out the liner and they would dry. I also ran them through the washer and dryer to minimize funk and they have held up pretty well. I remember going through many gloves at MEC thanks to their great return policy. I think the only truly rain impermeable option is dish gloves.

I also wear clear safety glasses (UVEX genesis) and a headband ear covers I just use dry bags in my standard MEC panniers.

I also found road selection made a difference. I used to ride Marine Drive from Burnaby into Vancouver and I would get extra wet from vehicle spray on that stretch.