Statler:
Welcome to the forum!
Everybody here will have their own ideas about what constitutes a good starter rod & reel combo. Here are my thoughts:
Reel
Shimano 4000GT - Single action mooching reel. This reel will hold more line than you could possibly want when fighting any Salmon in BC waters. Fill it with a good quality 25# line like Maxima or Berkley Big Game. Line is no place to go cheap - I learned that lesson when I was starting out many years ago. Shop around and you should be able to get one for $80 - $100
Rod
I started out with some pretty cheap rods. I moved up to the Shimano TDR Downrigger rods, and I like a 9' or longer rod in a light action. These rods are great and you should be able to get them for $40 - $50 if you shop around. If you are experienced at playing a fish and will allow him to run when he wants and not try and stop him from running, these rods are good. I have found that people who try and force a fish in and hold him from running will break off the fish with these rods.
A few years ago, I moved up to a 10.5' mooching rod (Shimano Convergence CVC-M106MH-2) to use as my main downrigger rods. Haven't had a client break off a fish yet with these rods! They are very forgiving for new fishermen. I think I paid $60 each for mine, but I don't know if you can get them that cheap any more. They are normally about $100 or more, and I got mine at a sale price. If you can get a pair of these rods at a decent price, they are well worth it. The only problem I have with them is the length - ten and a half feet makes them a bit cumbersome in a small boat, but great when playing a fish. Good trade in my opinion. You can also use these rods for double duty if you would like to try mooching with cutplug or live bait.
One thing to keep in mind - you will be using these rods and reels for many years. It is well worth it to spend a little more and get good ones. That dosen't mean you have get silly - that Islander MR2 can wait for a while.
Don't forget to check the used market - sometimes you can get some good deals if you have the time to wait for what you want.
Good luck!