A snowmobile rear suspension assembly has a pair of slide rails and at least one suspension arm pivotally connected thereto and adapted to be pivotally connected to a tunnel. A shock absorber is adapted to be pivotally connected between the tunnel and the slide rails. A limiter strap, adapted to extend between the tunnel and the slide rails, is substantially inextensible to limit separation therebetween. A strap holder, connected between an end of the limiter strap and the slide rails or the tunnel when the at least one suspension arm is connected to the tunnel, is moveable between a first and a second strap holder position. A position of the end of the limiter strap, relative to the slide rails or the tunnel, is different in the first strap holder position compared to the second strap holder position. A method of adjusting the limiter strap is also disclosed.