The research presented in this paper analysed the stiffness of Cross-Laminated-Timber (CLT) panels under in-plane loading. Finite element analysis (FEA) of CLT walls was conducted. The wood lamellas were modelled as an orthotropic elastic material, while the glue-line between lamellas were modelled using non-linear contact elements. The FEA was verified with test results of CLT panels under in-plane loading and proved sufficiently accurate in predicting the elastic stiffness of the CLT panels. A parametric study was performed to evaluate the change in stiffness of CLT walls with and without openings. The variables for the parametric study were the wall thickness, the aspect ratios of the walls, the size and shape of the openings, and the aspect ratios of the openings. Based on the results, an analytical model was proposed to calculate the in-plane stiffness of CLT walls with openings more accurately than previously available models from the literature.