Around 7:20 a.m., eyewitnesses say firefighters carried a chainsaw, axe and a shovel up a ladder to the roof of the saw shop, an approximately 10-foot high building attached to the main structure.
The men were trying to punch a hole in the roof to help contain the fire, which had spread to the roof's trusses.
"The roof collapsed on the two firefighters that were in the building," said city administrator Max Hall during a press conference.
Both firefighters were rushed to hospital where Kevin Olsen was pronounced dead. Originally from Calgary, the 24-year-old moved to Yellowknife less than two weeks ago with his wife. It's believed he's the first firefighter to die in the line of duty in NWT history.
Sixteen-year Yellowknife Fire Department veteran Cyril Fyfe, 41, was expected to remain in critical condition at the Stanton Territorial Hospital until at least today.
Both firefighters were full-time employees, and nobody else was injured.
The firefighters who fell into the building were not hurt in the fall. It's not known if the people on the roof were volunteer firefighters.
A bylaw officer handing out a speeding ticket called in the fire around 7 a.m.
Several people saw the firefighters go through the roof about 20 minutes later.
Gary MacLeod had just poured his morning coffee, and was watching the firefighters work on the snow-covered roof while leaning against his truck in front of his office across the street.
"They had one cut done and I kind of heard the cutting wheel slow down. I looked again, and it was just like the TV: it just went completely. You just saw the tops of their heads go down," MacLeod said, adding police and ambulance staff began moving quickly around the scene shortly after the roof went down.
"My first thought was 'Why would you go up there with all that snow on there?" said Bryan Rendall, who works at the same office as MacLeod.
J.P. Landry was across the parking lot getting ready to go into work at Canadian Tire.
"One of them was on his knees, he made a couple of passes at it with a chainsaw. Then all of a sudden the roof was obscured by smoke," said Landry.
The Workers' Compensation Board, the fire marshal and the RCMP are investigating the cause of the fire.
WCB officials will be determining if the fatality could have been prevented, according to spokesperson Dave Grundy.
"As soon as you're a fireman, and you go to a fire, it's an unsafe workplace any way you cut it," Grundy said.
The city says information about how the fire started will be distributed when available.
Fire Chief Mickey Beauchamp and his staff are grieving and have not been talking to the media.
During a 4 p.m. press conference, a shaken Beauchamp stood quietly to the side of the podium, and refused a request to say a few words for the department.
Mayor Gord Van Tighem said those wishing to deliver gifts to the fire department should bring them to City Hall.
Premier Joe Handley began a press conference held Thursday afternoon by offering his condolences to Olsen's family. Handley ordered flags outside all territorial government buildings in the NWT to be flown at half mast.
Concerned citizens made calls to flower shops across the city as the news of the tragedy broke Thursday morning.
The Home Building Centre was expected to be closed for at least one day. Nobody at the store answered calls.
Grief counselling services have been made available to firefighters and city employees. No plans for a memorial service had been made by press time.