To provide a one-boiler two-water passage type water heater which prevents hot water flowing in a bathtub from surpassing a predetermined temperature during a reheating operation, and a latent heat exchanger included by the water heater.SOLUTION: A water heater 10 includes a burner unit 11 for generating a combustion gas, a sensible heat exchanger 13 having a cover body 12, and a latent heat exchanger 15 having a cover body 14, and heats, by a combustion gas, the hot water/water in a circuit 16 for hot water supply for supplying hot water to a hot water tapping port and the hot water in a reheating circuit 18 where the hot water in a bathtub 17 circulates. In the cover body 12, a pipeline 22 which is part of the circuit 16 for hot water supply and a pipeline 23 which is part of the reheating circuit 18 are disposed. In the cover body 14, a pipeline 30 which is part of the circuit 16 for hot water supply and a pipeline 31 which is part of the reheating circuit 18 are disposed. The pipeline 31 is arranged on the downstream side of the pipeline 30 along the flow of a combustion gas in the cover body 14.SELECTED DRAWING: Figure 4
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