Is it possible to limit the download bandwidth used by Steam?

Is it possible to limit the download rate/bandwidth used by Steam in some way? When I am downloading a game it greatly slows down or even blocks all internet activities in my house.

Answer

Yes as of May 2013. http://store.steampowered.com/news/10548/

Added rate-limiting of Steam game downloads, via Settings -> Downloads

AT LAST

Attribution
Source : Link , Question Author : Drake , Answer Author : Colonel Panic

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