It sounds that the Patagonia Torrentshell is right up your alley.
I've had mine in "Oaks Brown" aka Coyote Brown for a few months now and love it. The jacket can be stuffed into one of it's front pockets for stowage. It also happens to be under your budget and locally available at the MEC downtown Toronto.
http://www.mec.ca/product/5044-613/p...10+50089+52370