Kyle Lowry has emerged as an All-Star Level Point guard but the Toronto Raptors still would not keep him. Lowry will command a high price that the Raptors might not be willing to pay. Until the trade deadline, Lowry is premium trade bait for Toronto.

Trade rumble: Sense around league remains Toronto more likely to trade Kyle Lowry than keep him to prevent losing asset for nothing. But ...

— Marc Stein (@ESPNSteinLine) January 27, 2014

Issue here hasn't changed: No team out there willing YET to meet Raps' asking price for PG who, nice as he's playin, can bolt in free agency — Marc Stein (@ESPNSteinLine) January 27, 2014

From the Raptors Republic:
“OK, so the Raptors have two(sic) options:
1. Sign Lowry to an extension, which basically means pay a high price based on a stretch of play.
2. Don’t do anything and negotiate in the summer, when maybe he’s cooled off and his asking price isn’t as high. Obviously you risk losing him for nothing.
3. Trade him now in a “sell high” situation.”

Kyle Lowry’s stat line at 16.5 points and 7.5 assists (Basketball Reference.com) rank him as one of the top point guards in the East. Even though most of the other point guards are injured (Rose,Rondo) Lowry has been better than other PGs like Deron Williams, and at par with Kyrie Irving and John Wall since the Rudy Gay trade. Under his leadership, the Raptors have a real shot at the Atlantic Division title.
Masai Ujiri (Raptors GM) is still a guessing game at this point. No one knows exactly what he’s planning. At first, the Rudy Gay trade was a signal that they were in full tank mode. Now they’re in contention, which placed Lowry’s trade chances on hold. Lowry did his part and played to his potential, so why would the Raptors trade him?
From CBS, Lowry and the Raptors trade window may have closed:
“Lowry's an exceptionally talented point guard who can bulldog his way to the rim, score from the outside and defend, but has consistently had questions about his attitude since his start in Memphis.
Ujiri has always been known as a guy who gets top value in trades, but it's hard to see anyone coming out of the woodwork to blow him away with an offer for Lowry. As a free agent, they can pursue him this summer if they need him, and most of the contenders are set at point guard. One exception might be the Warriors who have been rumored to be interested in the volatile scorer to bolster their bench. The addition of Jordan Crawford may have closed that, however, just in terms of returnable assets.”
The only teams that would be buyers at this point are the contenders, with fringe playoff teams actually trying to get out. Perhaps the only contenders who do not have better point guards than Lowry are the Miami Heat and Indiana Pacers. However, the structure of their team and the presence of versatile superstars negates the need for a top tier point, especially a scoring, ball-heavy player like Lowry.
The best option for the Raptors is option 2. Ujiri knows Lowry’s true value. His recent stellar play is not something he can sustain, and it’s not easy for him to defer to a superstar, something the Raptors want to have.