diff --git a/lib/install/deps.js b/lib/install/deps.js
index 4d315ab1880a9..d7afa435fb95c 100644
--- a/lib/install/deps.js
+++ b/lib/install/deps.js
@@ -414,7 +414,7 @@ exports.loadDevDeps = function (tree, log, next) {
   }, andForEachChild(loadDeps, andFinishTracker(log, next)))
 }
 
-exports.loadExtraneous = function loadExtraneous (tree, log, next) {
+var loadExtraneous = exports.loadExtraneous = function (tree, log, next) {
   var seen = {}
   function loadExtraneous (tree, log, next) {
     validate('OOF', arguments)
@@ -429,6 +429,9 @@ exports.loadExtraneous = function loadExtraneous (tree, log, next) {
 
 exports.loadExtraneous.andResolveDeps = function (tree, log, next) {
   validate('OOF', arguments)
+  // For canonicalized trees (eg from shrinkwrap) we don't want to bother
+  // resolving the dependencies of extraneous deps.
+  if (tree.loaded) return loadExtraneous(tree, log, next)
   asyncMap(tree.children.filter(function (child) { return !child.loaded }), function (child, done) {
     resolveWithExistingModule(child, tree, log, done)
   }, andForEachChild(loadDeps, andFinishTracker(log, next)))
diff --git a/lib/install/inflate-shrinkwrap.js b/lib/install/inflate-shrinkwrap.js
index ab1bdd1f1912f..c9f465b321ca0 100644
--- a/lib/install/inflate-shrinkwrap.js
+++ b/lib/install/inflate-shrinkwrap.js
@@ -16,6 +16,7 @@ var childPath = require('../utils/child-path.js')
 
 module.exports = function (tree, swdeps, finishInflating) {
   if (!npm.config.get('shrinkwrap')) return finishInflating()
+  tree.loaded = true
   return inflateShrinkwrap(tree.path, tree, swdeps, finishInflating)
 }
 
@@ -67,7 +68,7 @@ function inflateShrinkwrap (topPath, tree, swdeps, finishInflating) {
     return function () {
       var child = createChild({
         package: pkg,
-        loaded: false,
+        loaded: true,
         parent: tree,
         fromShrinkwrap: pkg._from,
         path: childPath(tree.path, pkg),