Yellowknife-based Clark Builders won the contract to rebuild Whitehorse's F.H. Collins Secondary School Thursday with a bid just over $31.1 million.
Contracting officials say Clark's bid must now be reviewed to ensure it's complete.
A Port Moody, B.C., firm was second lowest with a bid just under $32 million. The 3rd and 4th place bidders, both from Alberta, were just $500,000 higher.
Outside the government offices, contractors suggested the tight bidding is "a sign of the times."
In March, the Yukon government rejected all bids for the original tender as over-budget.
Construction on the new F.H. Collins school is expected to start in May.