The Toronto Raptors have officially re-signed Kyle Lowry to a multi-year contract.

The deal was reported last week but couldn’t be made official until today when the NBA’s moratorium on free-agent signings ended. Terms weren’t immediately released but reports have indicated it’s a US$48-million, four-year contract.

The six-foot 205-pound point guard posted career highs in points (17.9), rebounds (4.7), assists (7.4), field goals (457) and three-pointers (190) last season. He ranked seventh in the NBA in assists per game and tied for eighth in three-pointers.

“We made it known that our top priority heading into the off-season was to re-sign Kyle,” Raptors president and general manager Masai Ujiri said in a statement. “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.”

The eight-year veteran played a key role in leading the Raptors to a club record 48 wins and their second Atlantic Division title in team history.

The Raptors acquired Lowry from the Houston Rockets in July 2012. In his two seasons with Toronto, Lowry has averaged 15.0 points, 4.7 rebounds, 6.9 assists, 1.5 steals and 33.2 minutes in 147 regular-season games.

Lowry was selected by the Memphis Grizzlies in the first round (24th overall) of the 2006 NBA draft.