The Crown said during the trial that the attack had been orchestrated by Chan, a leader of the Fresh Off the Boat (FOB) gang, as part of a brutal war with the gang's fierce rivals, the FOB Killers (FK).
The FOB vs. FK gang war ultimately left 25 people dead between 2002 and 2009.
"We put the best case forward that we could in front of the jury," Crown prosecutor Adam May said after the verdict was issued.
"They didn't agree with our framing of the evidence, but we respect the verdict."
May said Calgary police "did an amazing investigation" and he didn't think there was anything more investigators or the Crown could have done.
Two other gangsters have already pleaded guilty to killing the other two people who died in the shooting: Mann's associate Aaron Bendle and Keni Su'a, an innocent bystander.
Sanjeev Mann, 22, Aaron Bendle, 21, and Keni Su'a, 43, were shot and killed in a revenge gang plot January 1, 2009. (CBC)
Defence attorney Dick Cairns said he believes justice was done, as the Crown's case relied heavily on one witness who was granted a partial immunity deal and can only be identified as GH.
"I believe in the jury system," Cairns said.
"I don't believe anybody should be convicted of anything on the evidence of people like [GH], who's a multiple murderer."
Chan remains in custody and still faces charges of murder, conspiracy to commit murder and instructing a criminal organization in relation to the death of Kevin Anaya, in another gang-related killing.
Chan's trial in that matter is set for October 2017.