The Toronto Raptors have officially re-signed point guard Kyle Lowry, the team announced today.

Lowry announced on Twitter earlier this month that he'd agreed to stay with the Raptors, but today is the first day that NBA signings and trades can be made official after the league's moratorium on such moves ended at 12:01 a.m. ET.

Lowry's deal will pay him $48 million US over four years with a player opt-out clause after the third year, according to multiple reports.

"They were real factors. I did my homework. I did my research," the point guard said. "I had a couple meetings with my family and we circled the pros and cons and we took teams away one by one.

"Other teams had some great things and I think they had pieces that were comparable pieces, but I think the situation that I'm in, the age I'm [at], me being able to lead a team, to lead a team and grow as a person, that was a very big factor in it."

The Raptors declined to offer details in a press release issued today, calling it only a "multiyear deal."

Re-signing Lowry, the top point guard available in NBA free agency, was a priority for the Raptors after a strong season. Toronto finished a franchise-best 46-34 in the regular season to win the Atlantic Division before losing in seven games to Brooklyn in the first round of the playoffs.

“We made it known that our top priority heading into the offseason was to re-sign Kyle,” said Raptors President and General Manager Masai Ujiri. “He was a key to our success last season and we are delighted that he wants to be here in Toronto to help us continue to build a championship program.”

Toronto's resurgence can, in part, be credited to Lowry. The 28-year-old averaged career highs with 17.9 points per game and 7.4 assists per game, and was even better in the post-season, averaging 21.1 points against the Nets.

Lowry was spectacular in Game 5, scoring a career playoff high of 36 points.

"The deal was done exactly the way I wanted," said Lowry, who joined the Raptors in a 2012 trade with Houston. "You don't get many chances to say it's 'your team', honestly. As a competitor, as a professional, I relish in that. The fact that I get to say that 'its' my team', I'm the leader of the team."

Restricted free-agent guard Greivis Vasquez said on Twitter Wednesday that he has also re-signed with the Raptors.

With files from The Canadian Press