Beef Burgundy Stew

Best stew recipe I have found.

Ingredients
2 teaspoons vegetable oil
Cooking spray
1 1/2 pounds lean boneless round steak, trimmed and cut into 1 inch cubes (I usually just get the beef that is already cut into chunks at the grocery store)
2 large garlic cloves, minced
3 cups Burgundy or other dry red wine
1/4 cup tomato paste
1/2 teaspoon dried thyme
 2 bay leaves
1/2 cup water
2 cans (10.5 oz. each) beef broth
10 small red potatoes, quartered (1.5 lbs)
6 medium carrots, cut into 1 inch pieces (about 1 pound)
2 small onions, quartered (1/2 pound)
1/2 pound mushrooms, halved
3 tablespoons water
3 tablespoons cornstarch
1/2 teaspoon salt
1/4 teaspoon black pepper
Chopped fresh parsley (optional)

Preparation

1. Heat oil in a large Dutch oven coated with cooking spray over medium-high heat.  Add steak, and cook 8 minutes on all sides or until browned.  Add garlic and saute 1 minute.  Add wine, tomato paste, thyme, and bay leaves; bring mixture to a boil.  Cover, reduce heat, and simmer 50 minutes.
2. Add 1/2 cup water and next 4 ingredients (through onions); bring to boil.  Cover, reduce heat, and simmer 40 minutes.
3. Stir in mushrooms; cover and cook 50 minutes or until steak is tender.  Discard bay leaves.
4. Combine 3 tablespoons water and cornstarch in a small bowl; add to pan.  Cook 2 minutes or until thickened, stirring constantly.  Stir in salt and pepper.  Ladle stew into bowls, sprinkle with parsley.