DeRozan, selected the Eastern Conference player of the week earlier in the day, set the pace early by scoring 18 in the first quarter. Joseph added six rebounds and Jonas Valanciunas had 17 points and nine rebounds for the Raptors (45-29).
It was the first game between the teams since the Raptors traded Terrence Ross to the Magic for Serge Ibaka in February. Ross finished with 17 points and two rebounds, while Ibaka had 16 points and seven rebounds.
The Raptors took a 99-89 lead into the fourth quarter.
DeRozan’s basket gave Toronto a 19-point lead with 8:15 to go in the third. But the Magic, winners of seven games this season after falling behind by double digits, fought back.
Bismack Biyombo made a pair of free throws to cut Toronto’s lead to five with 12 seconds left in the period.
But after DeRozan hit a jumper to widen the lead to seven, Delon Wright stole the inbounds pass and hit a 3-pointer at the buzzer to give Toronto its double-digit lead back going into the fourth.
Payton paced the Magic surge, hitting all four field goals he attempted in the quarter. He led all scorers with 10 points in the period, as Orlando outscored Toronto 32-26.
After four ties and seven lead changes in the game’s first 15 minutes, the Raptors took charge over the final nine minutes of the second quarter to take a 73-57 lead into halftime.
The Raptors hit all four 3s they attempted in the quarter, three by Norman Powell, who led all scorers with 11 points in the period.
Eight different Toronto players scored in the quarter as the Raptors outscored the Magic 33-17 over that nine-minute stretch and led by as many as 18 points.
The Magic cooled off from a torrid shooting pace in the first quarter to a still-respectable 48 percent in the second. Fournier led the way with nine points in the period.
Toronto led 35-34 after a first quarter that featured terrific shooting by both teams.
The Magic led by seven points early as Ross hit four of his first five shots and Aaron Gordon poured in 10 points. Orlando shot 13 for 29 (62 percent) from the field in the period.
DeRozan was 7 for 10 from the field in the opening quarter and hit his only 3-point attempt.
Toronto shot 15 for 24 (63 percent) as each starter had at least one field goal in the first period.
Magic: Ross received a standing ovation after a tribute commemorating his 4 1/2 seasons in Toronto was played on the scoreboard during the first timeout. . Orlando has hit a 3 in 812 consecutive games, the fifth-longest active streak in the NBA. . The Magic had a 66-58 edge on points in the paint.
Raptors: DeRozan’s conference player of the week award was his fourth of the season. He averaged a league-best 33.3 points in three games last week. . Valanciunas pulled down the 3,000th rebound of his career in the second quarter, second to Chris Bosh (4,776) on Toronto’s all-time list. . The 73 points were the most the Raptors have scored in the first half this season.