Original: Initially called "New Aklavik", it was renamed to Inuvik (meaning "Place of Man" in Inuvialuktun) in 1958 because of the confusion surrounding the Aklavik/New Aklavik split.
Simplified: At first, it was called "New Aklavik" but was renamed Inuvik in 1958 because there was confusion between the names of Aklavik and New Akalavik.