Claus Andersen/Getty Images

Updates from Thursday, July 10

The Toronto Raptors confirmed that they have re-signed Kyle Lowry in an announcement on the team's official website:

The Toronto Raptors announced Thursday they have re-signed free-agent point guard Kyle Lowry to a multi-year contract. Per team policy, financial details were not disclosed. '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.'

Raptors Republic on Twitter provided Lowry's response to the new deal:

Original Text

Eight-year veteran point guard Kyle Lowry has signed a four-year deal with the Toronto Raptors.

Yahoo Sports' Adrian Wojnarowski provides details on Lowry's signing:

Lowry announced his signing on Instagram:

A late first-round pick of the Memphis Grizzlies in 2006, Lowry took some time to develop into an NBA starter. Over his first four seasons, he had a lot of playing time but started just 30 games.

He finally came into his own during the 2010-11 season with the Houston Rockets, averaging 13.5 points, 4.1 rebounds and 6.7 assists per game as a full-time starter.

That was only the beginning.

Last season, Lowry put up career bests in all three of those categories with the Toronto Raptors. He started 79 games and averaged 17.9 points, 4.7 rebounds and 7.4 assists per game while shooting 42.3 percent from the field and a career-high 38.0 percent from downtown.

Trey Kerby of NBA TV tweeted an interesting comparison between Lowry and Washington Wizards star John Wall:

Lowry's surge can be attributed to his work ethic. He's consistently striving to improve—a trait that goes back to his childhood, according to a tweet from Hoops Hype Canada:

That determination showed in Toronto.

Lowry was instrumental in the Raptors' most successful season in over a decade. His presence gave the team the necessary tools to compete with experienced, star-studded squads, and he led the team in both assists and steals per game.

Not only did Lowry look great during the regular season, but he was stellar during Toronto's playoff series against the Brooklyn Nets. A tweet from NBA TV really sums it up:

Coming off of his career season, the 28-year-old Lowry will have an immediate impact at the point guard position. A top-shelf starter, he not only has the skill set to flourish, but the endurance to remain on the court for the long haul—he averaged a career-high 36.2 minutes per game in 2013-14.

Retaining Lowry makes Toronto's backcourt a major strength going forward. With his ability to score from the outside and create open looks for his teammates, expect the Raptors to light up scoreboards in short order.