1946 – 2026 Watching Steinbach Grow: Realtor and builder join forces to build 600 affordable homes

Realtor Waldo Neustaedter and builder Len Neufeld forged a partnership in 2002 that has been instrumental in supplying affordable housing for over 600 property owners in the Steinbach area. Reflecting on the success of their efforts over the past two decades, Neustaedter says it’s not all about the selling, but rather the opportunity to make a contribution to the betterment of the community along the way.

“It’s about giving back to the community my parents came to. My dad was born in 1909 and came to Canada at age 15, after the Russian Revolution. He worked as a linotype operator at Derksen Printers until he had to leave the job due to health issues. My mom sewed children’s clothes at home and sold them at Reimer’s Dress Shop.“

Neufeld of Three Way Builders, Neustaedter’s partner in the ongoing, affordable housing projects, feels the same way.

His first commercial building was the Dairy Queen in 1987. He’s done many major commercial projects since, as well as the Bethesda Primary Care Health Centre and a couple of Steinbach church buildings along the way.

“Every building project is special, but the most dear to me are the ones with more personal value. Those are the ones that show empathy for the community, impacting the community and its people.”

Neufeld went on to say he hadn’t really been a residential builder until Neustaedter and he got together on the project that makes it easier for young people to get into their own homes.

“Before that, we hardly knew each other. I bought a used three-quarter-ton diesel from him at Penner Chev in 1998, for a job I had up north. The affordable housing partnership came after a visit at a coffee shop in 2002 and Waldo took me for a ride to the new, affordable development he was planning.”

The two got together after Neustaedter bought land west of Lund Boats and Ellice Avenue to create a more affordable option for people. He didn’t like the idea that young people, who were buying their first home, didn’t have enough money for a five percent down payment. He was looking for a partner who was a builder to join him in a venture that would lower the five percent requirement for a mortgage.

In this case, Neustaedter didn’t need to use much of his salesmanship ability, as the builder was convinced the idea was a good one during a 20-minute coffee break, followed by a ride out to the building site.

They formed a 50-50 partnership and built the first home in the Whitby development in 2005. In the next two years, the partners built 167 homes, all in Steinbach.

Houses were getting more expensive and people may have had enough money for monthly payments but not for the five percent down payment usually required for a mortgage.

Neustaedter says the Steinbach Credit Union reduced the down payment requirement to one percent, which makes their affordable housing project work.

“The SCU is an awesome partner, offering the one percent down subject to the condition of the home being sold at eight percent below its appraised value.”

The Neustaedter/Neufeld partnership guarantees the loans until there is a certain amount of equity. There is a five-year warranty on the homes, which include appliances and air conditioning.

The latest development in Steinbach is in Sterling Park, which is adjacent to Lexington Village, which was started in 2016 and sold out nine years later.

“So far we have built and sold a little over 600 affordable homes. There are single family homes, duplexes and four-in-a-row town houses.”

There is a wonderful setting in west Steinbach, connected to the L.A. Barkman Park with a lot of green space for kids to play. Neustaedter and Neufeld are just starting on a new development in Mitchell.