Scared money don't make money. He wants to stay in Cleveland because it's all he's ever known in his professional baseball life and it's the safe thing to do. He's scared of change.
There are 0 objective reasons to want to stay there beyond that. It's a garbage city for a young millionaire athlete, their payroll is a joke, the owners are a joke, they are not in a contention window, they've already low-balled him once and had to low-ball him again to retain him, and they regularly trade away their stars.
It's not uncommon for some franchise stars to just dedicate their entire career to the meme of "I played with one team forever" and not have any ambitions beyond that.
It's probably a good thing for the Jays in the long run anyway. He would have been an incredible addition to this team but would anyone be surprised if Biggio, Kirk and Pearson combined for more WAR this season and Martinez had a big year in the minors? Even the packages most fans were okay with giving up (including myself) were still a potential Chris Archer-to-the-Pirates level overpay.