Most previous research on seismic performance of cross-laminated timber (CLT) structures focused on platform-type construction. This paper investigates the seismic performance and collapse risk of a balloon-framed CLT school building, designed for Vancouver, Canada. Incremental dynamic analysis was performed using a three-dimensional numerical model. Experimental data from connection- and wall-level tests were used to calibrate and validate the model. Twenty-one ground motions (crustal, subduction inslab, and interface) were selected. The results showed the building well met the 2% design drift limit. It had 4.2% probability of collapse at design level by considering uncertainties with a collapse margin ratio of 3.18.